Concord Acquisition II in an 8-K said it intends to secure non-redemption agreements for a to-be-determined number of shares prior to a May 30 meeting to consider a 9-month deadline extension. The current deadline is June 3.
The SPAC said it anticipates agreeing to issue 18,750 shares for every 150,000 shares that are not redeemed for the first six months of extension, and 2,250 more shares for each additional month of extension, up to three additional months. The sponsor would forfeit Class B shares to cover these payouts under any NRAs.
Concord II last week disclosed that it entered into a non-binding letter of intent for a business combination “with an industry-leading marketplace and SaaS platform in the fintech, events management, AI, and consumer engagement space.”
The SPAC holds nearly $156 million in trust, according to a proxy filed earlier this month.
Formed by Atlas Merchant Capital, the SPAC raised $280 million in a 2021 IPO with plans to acquire a business in the financial services and financial technology sectors. Read more.
