CF Acquisition VII said it issued a promissory note of up to $3,861,966.87 to its sponsor to sweeten the trust during a deadline extension. The sponsor will deposit will deposit $429,107.43 (3 cents a share) into trust for each month required until March 20, 2024. Shareholders approved the extension in a vote last week.
Stockholders redeemed 3,946,419 shares (about 29%) ahead of that vote, removing $41.4 million from the trust. Following redemptions, CF VII will have 14,303,581 shares outstanding.
Cantor Fitzgerald's seventh SPAC raised $175 million in a December 2021 ipo to pursue acquisition opportunities in the financial services, healthcare, real estate services, technology, and software industries. Read more.