NEW
YORK, Jan. 25, 2024 /PRNewswire/ -- Concord
Acquisition Corp III (the "Company") announced it had received a
notification dated January 19, 2024
(the "Notice") from the New York Stock Exchange (the "NYSE")
informing the Company that, because the number of public
stockholders is less than 300, the Company is not in compliance
with Section 802.01B of the NYSE
Listed Company Manual (the "Listing Rule"). The Listing Rule
requires the Company to maintain a minimum of 300 public
stockholders on a continuous basis. The Notice specifies that the
Company has 45 days to submit a business plan that demonstrates how
the Company expects to return to compliance with the Listing Rule
within 18 months of receipt of the Notice.
The Company plans to promptly submit a business plan that
demonstrates how the Company expects to return to compliance with
the Listing Rule within 18 months of receipt of the Notice.
The Notice has no immediate impact on the Company's common
stock, and provided the NYSE approves the plan, the Company's
common stock will continue to be listed and traded on the NYSE
during the 18-month period, subject to the Company's compliance
with other NYSE listing standards and periodic review by the NYSE
of the Company's progress under the plan.
About Concord Acquisition Corp III
Concord Acquisition Corp III is a special purpose acquisition
company formed for the purpose of entering into a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses in the
financial services or financial technology industries. It is
sponsored by Concord Sponsor Group III LLC, an entity affiliated
with Atlas Merchant Capital LLC, an investment firm that offers
debt and equity investment strategies, seeking long-term value
through differentiated expertise in financial services and credit
markets.
Concord raised $345 million in its initial public offering in
November 2021 and is listed on the
NYSE under the symbol "CNDB". For more information visit:
cndb.concordacquisitioncorp.com
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Certain of these forward-looking statements can
be identified by the use of words such as "believes," "expects,"
"intends," "plans," "estimates," "assumes," "may," "should,"
"will," "seeks," or other similar expressions. Such statements may
include, but are not limited to, statements regarding the Company's
plan to submit a business plan to NYSE that demonstrates how the
Company expects to return to compliance with the Listing Rule
within 18 months of receipt of the Notice. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ from the forward-looking
statements. Factors that may cause such differences include,
without limitation, the Company's ability to timely prepare a
business plan that demonstrates how the Company expects to return
to compliance with the Listing Rule within 18 months of receipt of
the Notice, and other risks and uncertainties indicated from time
to time in filings with the SEC, including the definitive proxy
statement and the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2022,
in each case under the heading "Risk Factors," and other documents
the Company has filed, or will file, with the SEC. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. The Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact:
Concord Acquisition Corp III
Jeff Tuder
jeff@tremsoncapital.com
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SOURCE Concord Acquisition Corp III