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Chain Bridge I Class A (CBRG) has issued an announcement.
In a strategic move set to reshape the corporate landscape, the Company and CBRG have agreed to a Business Combination Agreement approved by both boards, leading to a merger that will see them become wholly owned subsidiaries of a new holding company, HoldCo. Shareholders will see their shares converted into HoldCo stock, with additional provisions for warrant exchanges and the cancellation of certain promissory notes. This deal, which hinges on shareholder approval and customary closing conditions, is expected to culminate in the fourth quarter of 2024, with HoldCo anticipated to be listed on the Nasdaq under the ticker “PHYX.” The transaction aims to create a $58 million equity value, underpinned by conventional representations, warranties, and covenants, and includes mechanisms for director appointments and stock plans post-merger.
For detailed information about CBRG stock, go to TipRanks’ Stock Analysis page.