Concord Acquisition to redeem public shares, will not consummate combination

Concord Acquisition Corp announced that it will redeem all of its outstanding shares of Class A common stock, effective as of the close of business on December 20, 2022, because the Company will not complete an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation. Pursuant to the Company’s Certificate of Incorporation, if the Company has not completed an initial business combination by December 10, 2022, the Company will cease all operations except for the purpose of winding up, as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the issued and outstanding shares of Class A common stock issued in its initial public offering, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest, divided by the number of then outstanding public shares, which redemption will completely extinguish rights of the public stockholders, subject to applicable law, and as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the Company’s board of directors, in accordance with applicable law, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The per-share redemption price for the public shares is expected to be approximately $10.17. In accordance with the terms of the related trust agreement, the Company expects to retain interest earned on the funds deposited in the trust account to pay the Company’s tax obligations and $100,000 of dissolution expenses. As of the close of business on the Redemption Date, the public shares will be deemed to no longer be outstanding and will represent only the right to receive the Redemption Amount for each such public share. The Redemption Amount will be payable to the holders of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of public shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless. The Company expects that the last day of trading of its units, Class A common stock and warrants on the NYSE will be December 10, 2022, following which, the Company expects that the NYSE will file a Form 25 with the United States Securities and Exchange Commission to delist its units and Class A common stock. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.