Churchill Capital Corp III (CCXX) announced this afternoon that its shareholders had approved its business combination with healthcare data analytics-provider MultiPlan.
About 93% of shareholders representing about 76% of Churchill III’s total outstanding shares voted in favor of the transaction at a special meeting held earlier today.
The two parties expect to close the $11 billion business combination tomorrow and the newly combined entity is expected to begin trading on the NYSE under the symbol “MPLN” Friday, October 9.
Churchill III announced October 6 that as of its redemption deadline it had over $1 billion remaining in its $1.1 billion trust. Much of this was secured in advance as holders of 28,979,500 shares had already agreed not to redeem and owners of 41% of Chruchill III’s total outstanding shares had agreed to vote in favor of the agreement.
The SPAC was required to maintain a minimum of $2.7 billion available as a condition to closing the deal, and it appears to have locked up more than enough in advance with $3.6 billion in capital available at closing.
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...