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.
At the SPAC of Dawn Coinbase (NASDAQ:COIN) notched a surprise profit of over $1.5 billion in the first quarter of 2024, well exceeding estimates, demonstrating the powerful effect of publicly traded ETFs have had on crypto marketplaces since the start of the year. The result has pushed the company to bump up its own guidance...
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have...
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an...
Churchill Capital Corp IX (NASDAQ:CCIXU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIXU”, Thursday, May 2, 2024. The new SPAC will conduct a broad search and has not limited itself to any particular sector or focus, but it plans to...
At the SPAC of Dawn Layoffs in the tech sector ticked down in March to 7,322, making it the most merciful period of 2024 so far for tech workers after back-to-back months that saw nearly 35,000 let go in total, according to Layoffs.fyi. The dip could be an indication that the contraction in tech funding...