chain bridge i in a regulatory filing said it signed non-redemption agreements with one or more unaffiliated third party or parties who will hold onto 400,000 shares through the upcoming stockholders meeting and extension vote. In exchange, the SPAC's sponsor will give 100,000 ordinary shares to the parties.
Chain Bridge I wants to push its termination date from May 15 to Nov. 15.
As of the close of business May 10, the SPAC said it has received redemption requests for 19,804,604 ordinary shares, which would have virtually wiped out the cash in trust.
Following a November 2021 ipo of $200 million, the SPAC has been targeting companies engaged in the support of US national security. Chain Bridge I was launched by the CIA's venture capital arm, In-Q-Tel. Read more.
Source: Chain Bridge I Secures Non-Redemption Agreement Covering 400K Shares