Cambridge Acquisition (NASDAQ: CAQUU) outlines sponsor’s 7.67M Class B stake
Rhea-AI Filing Summary
Cambridge Acquisition Corp. filed an amended initial ownership report showing that Cambridge Sponsor LLC holds 7,666,667 Class B ordinary shares indirectly attributed to director and ten percent owner Michael Cam‑Phung.
According to the disclosure, these Class B ordinary shares were acquired by the Sponsor under a subscription agreement with the company and may automatically convert to Class A ordinary shares on a one-for-one basis upon, or immediately following, the company’s initial business combination or earlier at the holder’s option, subject to adjustments. The total includes up to 1,000,000 shares that are subject to forfeiture if the underwriters do not fully exercise their over-allotment option. The Sponsor is the record holder, and Cam‑Phung may be deemed to have beneficial ownership through his managing member role but disclaims beneficial ownership beyond any pecuniary interest.
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Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Class B Ordinary Shares | -- | -- | -- |
Footnotes (1)
- As described in the Issuer's Registration Statement on Form S-1, as amended (File No. 333- 292147), under the heading "Description of Securities - Founder Shares," Class B ordinary shares will automatically convert into Class A ordinary shares concurrently with or immediately following the Issuer's initial business combination or earlier at the option of the holder, on a one-for-one basis, subject to certain adjustments. These shares represent the Class B ordinary shares held by Cambridge Sponsor LLC (the "Sponsor") acquired pursuant to a subscription agreement by and between the Issuer and the Sponsor. The Class B ordinary shares include up to 1,000,000 shares that are subject to forfeiture in the event the underwriters of the Issuer's initial public offering do not exercise in full their over-allotment option as described in the Issuer's registration statement. The Sponsor is the record holder of such shares. Michael Cam- Phung, as the managing member of the Sponsor, holds voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. As such, Mr. Cam- Phung may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Mr. Cam- Phung disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.