Capitalworks Emerging Markets Acquisition Corp (Nasdaq: CMCAU, CMCA, CMCAW) announced the indefinite postponement of its extraordinary general meeting originally set for February 24, 2023. The meeting aimed to vote on amendments to extend the deadline for a business combination from March 3, 2023, to December 3, 2023, and allow for early winding up of operations. The Company entered into a Business Combination Agreement with Lexasure Financial Group Limited and others, receiving a three-month extension. A shareholders' meeting is planned before June 3, 2023, to seek approval for the Business Combination or a further extension.
Lexasure Financial Group has entered a definitive business combination agreement with Capitalworks Emerging Markets Acquisition Corp. (CMCA) to become publicly listed through Lexasure Financial Holdings Corp. This merger aims to enhance Lexasure's position in Southeast and South Asia's reinsurance and digital insurance market. Lexasure, with a pre-money equity valuation of $250 million, plans to leverage its innovative solutions in health, agricultural, and automotive insurance to drive growth. The transaction is set to be completed pending shareholder approval from CEMAC.
Capitalworks Emerging Markets Acquisition Corp (CMCAU) has postponed its extraordinary general meeting originally set for February 24, 2023, to March 1, 2023, at 4:00 p.m. ET. The meeting will address proposals to extend the deadline for completing a business combination from March 3, 2023, to December 3, 2023, and allow the board to wind up operations earlier if needed. Additionally, shareholders now have until February 27, 2023, to submit redemption requests for their shares. The company is pursuing a business combination with an identified Asian reinsurance firm and believes this extension will provide adequate time to finalize the deal.
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Capitalworks Emerging Markets Acquisition Corp announced the closing of its initial public offering (IPO) of 23,000,000 units at $10.00 per unit, including the underwriters' option of 3,000,000 additional units. The units began trading on Nasdaq under ticker symbol CMCAU on December 1, 2021. Each unit comprises one Class A ordinary share and half a redeemable warrant, with whole warrants priced at $11.50 per share. Barclays was the sole book-running manager for the offering, and the registration statement became effective on November 30, 2021.
Capitalworks Emerging Markets Acquisition Corp announced the pricing of its initial public offering (IPO) of 20 million units at $10.00 per unit. The units will be listed on Nasdaq under the ticker symbol CMCAU starting December 1, 2021. Each unit includes one Class A ordinary share and one-half of one redeemable warrant, with whole warrants priced at $11.50 per share. The offering is expected to close on December 3, 2021, subject to customary conditions. Barclays is the sole book-running manager, with a 45-day overallotment option for an additional 3 million units.