LA JOLLA, Calif. and NEW YORK - Events.com, an event management platform, and Concord Acquisition Corp II (NYSE American: CNDA), a special purpose acquisition company, have agreed to a merger that values Events.com at a pre-money equity value of $314 million. The combined entity plans to trade on the New York Stock Exchange under the ticker "RSVP," contingent on the approval of its listing application.
The transaction is expected to close subject to customary conditions, including approval from regulators and shareholders. On completion, the pro forma enterprise value is estimated at $399 million, with Events.com's current shareholders retaining majority ownership.
Events.com's platform, which offers a suite of tools for event organizers, is designed to streamline operations and enhance event profitability. The company is also developing a discovery platform with AI and machine learning capabilities, aiming to launch in 2025.
Mitch Thrower and Stephen Partridge, Co-founders of Events.com, are anticipated to continue leading the company as CEO and President/COO, respectively, with Bob Bellack joining as CRO. The leadership team expects the merger to capitalize on the $936 billion event sector and accelerate growth through strategic acquisitions and the advancement of its technology.
Events.com has also secured a $100 million capital commitment from Gem Global Yield LLC SCS in the form of a Share Subscription Facility, which will support its growth strategy post-equity exchange listing.
The boards of directors of both CNDA and Events.com have approved the proposed transaction. Further details of the merger will be disclosed in a Current Report on Form 8-K to be filed by CNDA with the U.S. Securities and Exchange Commission.
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.
This news report is based on a press release statement and contains forward-looking statements regarding the proposed business combination and future plans of Events.com.
InvestingPro Insights
As the merger between Events.com and Concord Acquisition Corp II (NYSE American: CNDA) progresses, potential investors and market watchers are keenly evaluating CNDA's financial health and stock performance. According to InvestingPro data, CNDA currently has a market capitalization of $96.63 million and is trading at an earnings multiple of 76.74. This high P/E ratio indicates that investors may be expecting high earnings growth in the future. However, when looking at the adjusted P/E ratio for the last twelve months as of Q2 2024, the figure stands at a more moderate 30.54.
InvestingPro Tips highlight several aspects of CNDA's performance that could influence investor sentiment. Notably, the stock is trading near its 52-week high, with the price at 98.59% of the peak, which may suggest a strong market belief in the company's prospects or potential overvaluation. Additionally, CNDA does not pay a dividend, which could be a factor for income-focused investors to consider. Moreover, the company has been profitable over the last twelve months, which is a positive sign for its financial stability.
Investors looking for a more in-depth analysis can find additional InvestingPro Tips for CNDA at https://www.investing.com/pro/CNDA. These tips provide a comprehensive view of the company's financial status and market performance, which can be instrumental in making informed investment decisions.
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