CONX today said it entered into a subscription agreement with Charles W. Ergen, the SPAC’s founder, who agreed to purchase 17,391,300 shares of Series A convertible preferred stock for approximately $200 million, or $11.50 per share. The closing of this transaction is contingent uponcompletion of the company’s business combination.
CONX earlier this week announced that today’s shareholder vote on a deadline extension has been pushed to Nov. 3 at 10 a.m. Mountain time. That is also the SPAC’s termination date. CONX wants an extension until May 3, 2024 to complete a deal. The redemption deadline has been extended to 5 p.m. Eastern time today.
CONX raised $750 million in an IPO three years ago.
The SPAC also disclosed that its stock is now subject to delisting from the Nasdaq at the opening of business on Nov. 8, because it has not completed a business combination within 36 months. CONX said it intends to request a hearing before an independent hearings panel, which would result in a stay of any suspension or delisting action pending the hearing.
CONX a year ago was reportedly in talks to acquire Boost Mobile from Dish Networks, though a formal agreement was never announced. Read more.
