Concord Acquisition Corp III (CNDB) Signs LOI
by Marlena Haddad on 2023-10-25 at 9:24am

Concord Acquisition Corp III (NYSE:CNDB) has signed a non-binding letter of intent (LOI) to combine with a well-established semiconductor supplier.

The SPAC has not yet disclosed the name of the target, but mentioned that it has received non-binding LOIs from investors to provide financing in an amount sufficient to support the closing of the proposed merger.

Although the terms of the deal have not yet been decided, the parties do not expect to have a minimum cash closing condition.

Concord III raised $351 million in gross proceeds from its November 2021 IPO, but saw 88.3% of this redeemed during a May meeting that pushed its completion deadline to November 8. However, it has another extension meeting coming up on November 6 in hopes of gaining shareholder approval to push its deadline back to August 2024. The SPAC currently has approximately $42.1 million in its trust account.

It originally set out to combine with an established business in the financial services and financial technology sectors, including payments, enterprise software, and data analytics. Concord III is led by CEO Jeff Tuder, CFO Michele Cito, and Chairman of the Board Bob Diamond.

Since there is no guarantee that this LOI will make it to the definitive agreement stage, Concord III will stay in SPACInsider’s searching column for now.

 

Recent Posts
by Kristi Marvin on 2023-12-09 at 11:45am

Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...

by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved