Concord Acquisition II in an 8-K said shareholders approved pushing the SPAC’s completion deadline to March 2025.
Redemptions of 12,498,716 Class A shares at approximately $10.61 per share removed $132.67 million from the SPAC’s trust, leaving $23.36 million.
Concord II last month 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.”
Last week the SPAC said it expected to enter non-redemption agreements to shore up the trust. Terms called for Concord II 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, up to three additional months. The sponsor would forfeit Class B shares to cover these payouts under any NRAs. Read more.
