Concord Acquisition Corp II Announces Closing of $250 Million Initial Public Offering

Rhea-AI Summary

Concord Acquisition Corp II has successfully closed its initial public offering (IPO) of 25 million units on September 3, 2021, priced at $10.00 per unit, resulting in gross proceeds of $250 million. The units will trade on the NYSE under the ticker symbol CNDA.U, with plans for separate trading of shares and warrants under CNDA and CNDA.WS, respectively. The company aims to pursue mergers in the financial services and technology sectors.

Positive

• Successful IPO raising $250 million.
• Units trade on NYSE, enhancing visibility.
• Focus on financial services and technology sectors may lead to strategic acquisitions.

Negative

• None.

NEW YORK, Sept. 7, 2021 /PRNewswire/ -- Concord Acquisition Corp II (the "Company") today announced the closing of its initial public offering of 25,000,000 units on September 3, 2021. The offering was priced at $10.00 per unit, generating total gross proceeds of $250,000,000.

The units are listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "CNDA.U." Each unit consists of one share of the Company's Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the NYSE under the symbols "CNDA" and "CNDA.WS," respectively.

The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a merger opportunity in any industry or sector, it intends to capitalize on the ability of its management team and sponsor to identify, acquire and manage a business in the financial services and financial technology sectors, including payments, enterprise software, and data analytics.

Citigroup Global Markets Inc. and Cowen and Company, LLC served as joint book-running managers of the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146 or by email at prospectus@citi.com; or Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at postSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective on August 31, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds of the public offering. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:
Concord Acquisition Corp II
Jeff Tuder
jeff@tremsoncapital.com

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SOURCE Concord Acquisition Corp II

FAQ

What is the IPO price of Concord Acquisition Corp II?

The IPO price of Concord Acquisition Corp II was $10.00 per unit.

What are the ticker symbols for Concord Acquisition Corp II?

The ticker symbols are CNDA.U for units, CNDA for Class A common stock, and CNDA.WS for warrants.

How much money did Concord Acquisition Corp II raise in its IPO?

Concord Acquisition Corp II raised a total of $250 million in its IPO.

What sectors does Concord Acquisition Corp II intend to target for acquisitions?

Concord Acquisition Corp II intends to target the financial services and technology sectors, including payments and data analytics.

When did Concord Acquisition Corp II close its IPO?

Concord Acquisition Corp II closed its IPO on September 3, 2021.