Chain Bridge I (CBRG) Investors Complete Non-Redemption Purchases
by Nicholas Alan Clayton on 2023-05-12 at 7:48am

Chain Bridge I (NASDAQ:CBRG) announced this morning that third-party investors had completed the purchase of 175,000 shares on the open market as a part of non-redemption agreements the SPAC has arranged.

The move comes ahead of Chain Bridge I’s special meeting to extend its deadline scheduled for 11 am ET today. The proposal would push its transaction deadline from May 15 to November 15, and allow Chain Bridge I to automatically extend this further to February 15 in one-month agreements without a further vote.

The SPAC announced yesterday that it had entered into agreements to secure up to 400,000 shares from redemption including existing holders and new third-party purchasers. Each purchaser is to receive up to 150,000 shares from the sponsor’s promote in exchange for the moves.

This morning’s filing confirms that at least 175,000 of those shares have been purchased, but also notes that the Chain Bridge I received redemption requests for 18,848,866 as of the end of business May 11. This was down from the 19,804,604 figure it cited in yesterday’s filing, but would still wipe 81.9% of funds from Chain Bridge I’s $237.8 million trust if these levels hold.

Chain Bridge I listed in November 2021 and has not yet signed a definitive agreement for a merger, but it did announce a letter of intent (LOI) with a target in April. The announcement provided no details on the company or its sector.

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