CF Acquisition Corp. VIII (CFFE) Completes XBP Europe Deal

CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela Technology’s European operations.

Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change the combined company’s name to XBP Europe Holdings.

In total, including previous shareholder votes, shareholders opted to redeem 99.85% of CFFE’s trust, resulting in only 36,658 shares remaining outstanding. While heading into the completion vote, the trust held an estimated $15.4 million, but following the vote, it was significantly reduced to less than $500,000. Notably, CF VIII didn’t have a minimum cash condition to hit.

Going forward, the combined company will operate as XBP Europe and, beginning on November 30, its shares and warrants will trade on the Nasdaq under the ticker symbol “XBP” and “XBPEW”, respectively.

CF VIII and Exela initially announced their combination in October 2022. Irving Texas-based Exela provides bill-payment and business process automation software to large and small enterprises. Earlier this year, Exela reported it generated $272.9 million in revenue in the second quarter of 2023 with $40.9 million in EBITDA for increases of 2.3% and 12.1%, respectively, compared with the same period the prior year.