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The NYSE has suspended trading in Cohn Robbins Holdings Corp.'s Class A ordinary shares, warrants, and units due to non-compliance with listing standards, specifically failing to maintain a market capitalization of at least $40 million over a 30-day period. The NYSE will initiate delisting proceedings, although the company can appeal the decision. The management is evaluating its options, including pursuing a review.
Allwyn AG and Cohn Robbins Holdings Corp. (CRHC) have mutually decided not to proceed with their proposed business combination due to increasing market volatility and economic concerns. Despite receiving nearly $700 million in investor commitments, both companies concluded that current conditions were unfavorable. Allwyn aims to pursue public market entry and growth opportunities in the US, particularly with the upcoming operation of the UK National Lottery in 2024. CRHC's board will evaluate future alternatives for business combinations.
Cohn Robbins Holdings Corp. (NYSE:CRHC) announced shareholder approval for its business combination with Allwyn Entertainment AG, with over 99.2% support at the extraordinary meeting on September 7, 2022. Approximately 66.7% of outstanding shares were voted. Additionally, CRHC shareholders approved an extension to finalize the business combination from September 11, 2022 to December 11, 2022, allowing more time for completion. Formal voting results will be filed with the SEC. Allwyn is a leading global lottery operator expected to strengthen CRHC's market position.
Cohn Robbins Holdings Corp. (CRHC) announced the withdrawal of Camelot UK Lotteries' appeal regarding a significant UK High Court ruling from June 2022. This development paves the way for Allwyn AG to transition into operating the UK National Lottery, enhancing its competitive position. Cohn Robbins supports Allwyn's bid and highlights the attractive characteristics of the global lottery market, which is valued at $300 billion. With the UK license expiring on January 31, 2024, Allwyn aims to leverage its operational success across Europe and pursue growth opportunities in the U.S. market.
