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.