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

Rhea-AI Summary

Concord Acquisition Corp II has priced its initial public offering (IPO) at $10.00 per unit, totaling $250 million. The IPO includes 25,000,000 units, each consisting of one share of Class A common stock and one-third of a redeemable warrant. The trading on the NYSE under the ticker symbol CNDA.U is set to begin on September 1, 2021. The company anticipates closing the offering on September 3, 2021, subject to customary conditions. Citigroup Global Markets and Cowen and Company are the joint book-running managers for this offering.

Positive

• Pricing of IPO at $10.00 per unit.
• Total offering size of $250 million.
• Presence of experienced management team for identifying acquisition opportunities.

Negative

• No guarantee that the IPO will close as anticipated.
• Forward-looking statements indicate risks and uncertainties related to the offering.

NEW YORK, Aug. 31, 2021 /PRNewswire/ -- Concord Acquisition Corp II (the "Company"), today announced the pricing of its initial public offering of 25,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "CNDA.U" beginning September 1, 2021. 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 are serving as joint book running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, 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.

The offering is expected to close on September 3, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 preliminary 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 for Concord Acquisition Corp II?

The IPO price is set at $10.00 per unit.

When will trading for CNDA.U start?

Trading is expected to begin on September 1, 2021.

What does each unit in the IPO consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

How much is Concord Acquisition Corp II raising in this offering?

The company is raising a total of $250 million.

What are the risks associated with the Concord Acquisition IPO?

There are uncertainties related to the completion of the offering and use of net proceeds.