CF Acquisition Corp. VIII (CFFE) Shareholders Approve Exela Deal

CF VIII (NASDAQ:CFFE) announced in an 8-K this morning that its shareholders voted to approve its combination with B2B software firm Exela at a special meeting August 24.

The SPAC has not yet shared its redemption figures from the vote, but had already dispersed about 94.2% of its trust through earlier extension votes. It went into the completion vote with an estimated $15.4 million in trust and it did not have a minimum cash condition to hit.

Shareholders also approved a proposal to change the company’s name to XBP Europe Holdings and the combined company’s are expected to trade on the Nasdaq under the symbol “XBP” once the deal is closed. However, the parties have not yet announced a timeline for these next steps.

CF VIII and Exela initially announced their combination in October 2022. Irving Texas-based Exela provides bill-payment and business process automation software to large and small enterprises.

Earlier this month, Exela reported it generated $272.9 million in revenue in the second quarter of 2023 with $40.9 million in EBITDA for increases of 2.3% and 12.1%, respectively, compared with the same period last year.