CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela Technology’s European operations.
Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change the combined company’s name to XBP Europe Holdings.
In total, including previous shareholder votes, shareholders opted to redeem 99.85% of CFFE’s trust, resulting in only 36,658 shares remaining outstanding. While heading into the completion vote, the trust held an estimated $15.4 million, but following the vote, it was significantly reduced to less than $500,000. Notably, CF VIII didn’t have a minimum cash condition to hit.
Going forward, the combined company will operate as XBP Europe and, beginning on November 30, its shares and warrants will trade on the Nasdaq under the ticker symbol “XBP” and “XBPEW”, respectively.
CF VIII and Exela initially announced their combination in October 2022. Irving Texas-based Exela provides bill-payment and business process automation software to large and small enterprises. Earlier this year, Exela reported it generated $272.9 million in revenue in the second quarter of 2023 with $40.9 million in EBITDA for increases of 2.3% and 12.1%, respectively, compared with the same period the prior year.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...