Concord Acquisition, a blank check company formed by Atlas Merchant Capital targeting financial services and FinTech, raised $240 million by offering 24 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company originally filed to raise $250 million, before lowering the proposed deal size to $200 million last week; at offering it raised 20% more than expected, but 4% less than the original filing.
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 plans to list on the NYSE under the symbol CND.U. Cowen acted as lead manager on the deal.
