Churchill Capital VII in an 8-K said its business combination with CorpAcq continues to progress as planned and is expected to be completed in early 2024.
The deal is still subject to a vote of the SPAC's shareholders. The transaction has a minimum $350 million cash closing condition, net of transaction fees.
Churchill VII late last week filed a definitive proxy and called a Feb. 8 meeting for stockholders to vote on a completion extension from Feb. 17 to Aug. 17.
The deal has a pro forma enterprise value of approximately $1.58 billion.
Based in Altrincham, England and founded in 2006, CorpAcq said it has cultivated a reputation as a “preferred buyer” for founder-led small and medium-sized enterprises based on its “founder-friendly, management empowered value proposition and focus on investing for long-term performance.” Read more.