Concord Acquisition, a blank check company formed by Atlas Merchant Capital targeting financial services and FinTech, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Concord Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by Chairman Bob Diamond, the CEO and Founding Partner of Atlas Merchant Capital and former CEO of Barclays, and CEO Jeff Tuder, who has served as an Operating Partner at Atlas Merchant Capital since September 2020 and previously founded Tremson Capital Management. Concord Acquisition plans to target established and growing businesses that are fundamentally sound with an attractive financial profile and poised for continued and accelerating growth, but potentially in need of some form of financial, operational, strategic or managerial guidance to maximize value.
Concord Acquisition was founded in 2020 and plans to list on the NYSE under the symbol CND.U. Cowen is the sole bookrunner on the deal. It is expected to price the week of December 7, 2020.
