Chain Bridge I Class A (CBRG) has released an update.
During the Chain Bridge I’s Extraordinary General Meeting on February 7, 2024, shareholders approved a critical amendment to extend the company’s deadline for completing a business combination from February to November 2024. This extension allows the company more time to either merge, reorganize, or acquire a business entity before having to wind up operations. Additionally, Class B shareholders gained the right to convert their shares to Class A on a one-to-one basis, although these converted shares won’t be entitled to funds from the Trust Account. The company avoided adjourning the meeting due to sufficient votes for the amendment. In relation to this, over 3 million Class A shares were redeemed for cash, and Fulton AC agreed to contribute additional funds to the Trust Account, while two major shareholders converted their Class B shares into Class A shares.
For further insights into CBRG stock, check out TipRanks’ Stock Analysis page.
