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Churchill Capital Corp VII (CVII) and CorpAcq Holdings have mutually agreed to terminate their previously announced merger agreement due to unfavorable IPO market conditions. As a result, Churchill will not complete an initial business combination by the August 17, 2024 deadline required by its Certificate of Incorporation.
Churchill intends to dissolve and liquidate the proceeds in its trust account. The per-share redemption price for public shares will be approximately $10.84. Churchill's securities ceased trading on Nasdaq on August 16, 2024. The company will redeem 100% of public shares and dissolve, with warrants expiring worthless. Churchill's sponsor has waived redemption rights for Class B common stock.
Churchill Capital Corp VII (CVII) has extended the redemption deadline for stockholders to elect to redeem their Class A Common Stock to August 9, 2024, at 5:00 PM Eastern Time. This extension allows stockholders more time to evaluate additional disclosure about the proposed business combination with CorpAcq Holdings The Stockholder Special Meeting will reconvene on August 12, 2024, at 10:00 AM Eastern Time to vote on the merger agreement and other proposals. A meeting for public warrantholders will follow at 10:30 AM to consider amending the existing warrant agreement. Stockholders can withdraw redemption requests until the vote is taken at the special meeting.
CorpAcq Holdings and Churchill Capital Corp VII (NASDAQ: CVII) have provided an update on their planned equity or equity-linked financing to support their previously announced business combination. The expected financing aims to de-risk the closing of the business combination and support CorpAcq's future growth. To incentivize investor participation, up to 15 million Ordinary A1 Shares ('Incentive Shares') may be offered.
The financing is anticipated to help satisfy the minimum cash condition under the merger agreement and potentially accelerate CorpAcq's growth post-combination. The business combination, including the expected financing, is projected to complete in August 2024, subject to closing conditions and Churchill VII stockholder approval. Upon closing, CorpAcq Group is expected to be publicly traded on Nasdaq.
Churchill VII has scheduled reconvened special meetings for stockholders and warrant holders on August 12, 2024, to vote on proposals related to the business combination and warrant agreement amendments. The deadline for Churchill stockholders to elect redemption of their shares has been extended to August 8, 2024.
CorpAcq Holdings and Churchill Capital Corp VII (Nasdaq: CVII) have announced a business update call scheduled for July 29, 2024, at 11 AM ET. This follows their August 1, 2023 announcement of a definitive agreement for a business combination. The call will be accessible via:
- Webcast on CorpAcq's website
- Phone: (877) 407-0784 (domestic) or (201) 689-8560 (international)
A two-week replay will be available by phone using Conference ID: 13748209. The archived webcast will be accessible on CorpAcq's Investor Relations webpage. This update provides investors with an opportunity to gain insights into the progress of the business combination between CorpAcq, a corporate compounder known for acquiring founder-led businesses, and Churchill VII, a special purpose acquisition company.
Churchill Capital Corp VII (CVII) has announced the adjournment of its special stockholder meeting and warrant holder meeting, originally scheduled for July 25, 2024, to August 12, 2024. These meetings are related to the proposed business combination with CorpAcq Holdings The redemption deadline for stockholders has been extended to August 8, 2024.
The Churchill VII board unanimously recommends that stockholders and warrant holders vote 'FOR' all proposals in the Proxy Statement. If approved, the combined company will operate as CorpAcq Group Plc and is expected to list on the Nasdaq Global Market under the ticker 'CPGR'.
Churchill Capital Corp VII (Nasdaq: CVII), a special purpose acquisition company, announced a special meeting for stockholders and public warrant holders on July 25, 2024. The meeting aims to approve a business combination with CorpAcq Holdings and amend the existing warrant agreement. Stockholders and warrant holders of record as of June 18, 2024, will receive the definitive proxy statement and can vote on the proposals. If approved, the combined company will operate as CorpAcq Group Plc and list on Nasdaq under the ticker 'CPGR'. The board of directors recommends voting 'FOR' all proposals.
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