secwatch.observer — SEC 8-K summary
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Issuer:     Piermont Valley Acquisition Corp (CMCAF)
CIK:        0001865248
Form:       8-K
Filed at:   2023-03-07T23:59:59+00:00
Accession:  0001104659-23-029591
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEMAC agrees to acquire Lexasure Financial Group in SPAC merger valued at $250M
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- Total consideration of $250M plus any net proceeds from new investments; consideration paid in Pubco ordinary shares.
- Earnout shares up to 5M additional Pubco shares: 2.5M if adjusted net income >= $18M for FY ending June 2023; 2.5M if combined FY2023+2024 adjusted net income >= $41M.
- Closing conditions include CEMAC shareholder approval, Nasdaq listing, and at least $5,000,001 net tangible assets after redemptions.
- Termination fee of $1M payable by Lexasure if Lexasure breaches and CEMAC terminates. Outside date June 3, 2023, extendable by CEMAC up to six months.
- CEMAC will file an F-4 registration statement with SEC containing proxy statement for shareholder vote.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1865248/000110465923029591/0001104659-23-029591-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1865248/000110465923029591/tm238746d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-029591

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