Churchill Capital Corp III (CCXX) Shareholders Approve MultiPlan Deal
by Nicholas Alan Clayton on 2020-10-07 at 2:59pm

Churchill Capital Corp III (CCXX) announced this afternoon that its shareholders had approved its business combination with healthcare data analytics-provider MultiPlan.

About 93% of shareholders representing about 76% of Churchill III’s total outstanding shares voted in favor of the transaction at a special meeting held earlier today.

The two parties expect to close the $11 billion business combination tomorrow and the newly combined entity is expected to begin trading on the NYSE under the symbol “MPLN” Friday, October 9.

Churchill III announced October 6 that as of its redemption deadline it had over $1 billion remaining in its $1.1 billion trust. Much of this was secured in advance as holders of 28,979,500 shares had already agreed not to redeem and owners of 41% of Chruchill III’s total outstanding shares had agreed to vote in favor of the agreement.

The SPAC was required to maintain a minimum of $2.7 billion available as a condition to closing the deal, and it appears to have locked up more than enough in advance with $3.6 billion in capital available at closing.

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