Chain Bridge I (CBRG) Announces LOI Ahead of Vote

Chain Bridge I (NASDAQ:CBRG) announced this morning that it has signed a letter of intent (LOI) to combine with an unnamed target company.

Shareholders will have this to consider as they vote at a May 5 special meeting to extend the SPAC’s transaction deadline from May 15 to November 15. But, Chain Bridge I has not given them much more to chew on.

It aimed to combine with an innovative technology company with US government contracts when it IPO’d in November 2021, but has given no details about this potential target’s sector or business.

Chain Bridge I has also not yet pledged a contribution to its trust in connection with this extension and has stated its pro rata trust value current sits at about $10.44. The SPAC’s shares last closed at $10.46. This morning’s filing also clarified that the record date for the vote is to be April 4.