LA JOLLA, Calif. - Events.com, an event management platform, and Concord Acquisition Corp II (NYSE: CNDA) have signed a definitive merger agreement as part of Events.com's strategy to become a publicly traded company. The transaction values Events.com at a pre-money equity value of $314 million, with an implied pro forma enterprise value of $399 million.
The merger includes a $100 million Share Subscription Facility from Gem Global Yield LLC SCS, intended to fuel Events.com's growth through acquisitions, partnerships, and organic initiatives. Despite the NYSE American's proceedings to potentially delist Concord's securities due to timing constraints, both companies have anticipated this and are seeking an alternative listing on Nasdaq.
The companies remain confident in their public market entry strategy and have reserved the ticker "RSVP" for their future trading, regardless of whether they list on the NYSE or Nasdaq. This move is part of their commitment to ensuring a strong presence in the public markets.
The details of the merger will be disclosed in a Current Report on Form 8-K by CNDA with the U.S. Securities and Exchange Commission (SEC), accessible at www.sec.gov. Events.com's investor presentation and the merger announcement are also available for public viewing.
Events.com's platform supports millions of event creators globally and is behind events such as the All-In Summit and the Renaissance Festival in Florida. Concord Acquisition Corp II, sponsored by an affiliate of Atlas (NYSE:ATCO) Merchant Capital LLC, focuses on mergers and business combinations within financial services and fintech industries.
This news is based on a press release statement and includes forward-looking statements subject to risks and uncertainties. These statements are not guarantees of future performance, and actual results could differ materially from those projected. Investors are advised to read the SEC filings carefully for a complete understanding of the risks associated with the merger and related transactions.
In other recent news, event management platform Events.com has announced its plans to merge with Concord Acquisition Corp II. This merger, which values Events.com at a pre-money equity value of $314 million, will result in a combined entity with a pro forma enterprise value of an estimated $399 million. The company's shareholders will retain majority ownership post-merger.
The merger is subject to customary conditions, including the approval of regulators and shareholders. If approved, the combined entity will list on the New York Stock Exchange. Events.com is also developing an AI and machine learning-powered discovery platform, set to launch in 2025.
The leadership team of Events.com, including CEO Mitch Thrower and President/COO Stephen Partridge, will continue to lead the company. They anticipate that the merger will help capitalize on the $936 billion event sector and accelerate growth through strategic acquisitions and technology advancements.
Furthermore, Events.com has secured a $100 million capital commitment from Gem Global Yield LLC SCS, which will support its growth strategy post-listing. Advisors for the transaction include Cohen & Company Capital Markets and legal counsel from Greenberg Traurig, LLP and Kirkland & Ellis LLP for CNDA, with Weintraub Law Group PC for Events.com. These are the recent developments in the company's journey.
InvestingPro Insights
As Events.com moves forward with its strategic merger with Concord Acquisition Corp II (NYSE: CNDA), investors are closely monitoring CNDA's financial metrics and market position. According to InvestingPro data, CNDA currently has a market capitalization of $96.63 million, reflecting its size and potential scale post-merger. Despite trading near its 52-week high with a price percentage of 98.59% of the peak, CNDA's P/E ratio stands at a lofty 76.74, indicating a high earnings multiple that suggests investors have high expectations for the company's future earnings growth.
One of the InvestingPro Tips highlights that CNDA has been profitable over the last twelve months, which is an encouraging sign for potential investors considering the company's future prospects. However, it's worth noting that CNDA does not pay a dividend to shareholders, signaling that the company may prefer to reinvest earnings into growth initiatives rather than distribute them directly to shareholders.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/CNDA. These tips offer valuable insights into CNDA's financial health and market performance, which could be particularly relevant given the upcoming merger and public market entry strategy of Events.com.
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