Chain Bridge I (NASDAQ:CBRG) announced this morning that third-party investors had completed the purchase of 175,000 shares on the open market as a part of non-redemption agreements the SPAC has arranged.
The move comes ahead of Chain Bridge I’s special meeting to extend its deadline scheduled for 11 am ET today. The proposal would push its transaction deadline from May 15 to November 15, and allow Chain Bridge I to automatically extend this further to February 15 in one-month agreements without a further vote.
The SPAC announced yesterday that it had entered into agreements to secure up to 400,000 shares from redemption including existing holders and new third-party purchasers. Each purchaser is to receive up to 150,000 shares from the sponsor’s promote in exchange for the moves.
This morning’s filing confirms that at least 175,000 of those shares have been purchased, but also notes that the Chain Bridge I received redemption requests for 18,848,866 as of the end of business May 11. This was down from the 19,804,604 figure it cited in yesterday’s filing, but would still wipe 81.9% of funds from Chain Bridge I’s $237.8 million trust if these levels hold.
Chain Bridge I listed in November 2021 and has not yet signed a definitive agreement for a merger, but it did announce a letter of intent (LOI) with a target in April. The announcement provided no details on the company or its sector.
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...