8-K
filed March 17, 2023, 7:59 PM ET
ticker XBP
CIK 0001839530
other material
confidence high
sentiment negative
materiality 0.70
XBP Global Holdings, Inc. (XBP): debt financing — CF Acquisition Corp. VIII extends deadline to Sept 16, 2023; 51% of public shares redeemed
XBP Global Holdings, Inc.
- Shareholders approved extension to Sept 16, 2023; 8,804,026 for, 330,028 against.
- 1,523,509 public shares redeemed (~$16.3M at $10.69/share); 1,436,589 shares remain.
- Sponsor CFAC Holdings VIII, LLC provides up to $344,781.36 promissory note for monthly trust deposits of $57,463.56.
- Note bears no interest, repayable upon business combination or liquidation; sponsor waives trust claim except repayment from deal proceeds.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
XBP Global Holdings, Inc. incurred loan of up to $344,781.36 with CFAC Holdings VIII, LLC at no interest maturing the earlier of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company.
- Instrument
- loan
- Principal
- up to $344,781.36
- Counterparty
- CFAC Holdings VIII, LLC
- Rate
- no interest
- Maturity
- the earlier of (a) the date of the consummation of the Business Combination or (b) the date of the liquidation of the Company
- Event
- incurrence
Exact text from the filing
On March 15, 2023, CF Acquisition Corp. VIII (the “ Company ”) issued a promissory note (the “ Note ”) in the principal amount of up to $344,781.36 to CFAC Holdings VIII, LLC (the “ Sponsor ”), pursuant to which the Sponsor agreed to loan to the Company up to such amount in connection with the extension of the Company’s time to consummate a business combination from March 16, 2023 to September 16, 2023 (or such earlier date as determined by the board of directors of the Company) (the “ Extension ”).
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
XBP Global Holdings, Inc.: Extended deadline to consummate business combination from March 16, 2023 to September 16, 2023 or earlier date determined by board (effective 2023-03-15).
- Change
- charter amendment
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, the Company filed a third amendment to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “ Extension Amendment ”). The Extension Amendment extends the date by which the Company must consummate the Business Combination from March 16, 2023 to September 16, 2023 (or such earlier date as determined by the board of directors of the Company).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
XBP Global Holdings, Inc. entered into Note with CFAC Holdings VIII, LLC valued at up to $344,781.36 (effective 2023-03-15).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- CFAC Holdings VIII, LLC
- Value
- up to $344,781.36
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, CF Acquisition Corp. VIII (the “ Company ”) issued a promissory note (the “ Note ”) in the principal amount of up to $344,781.36 to CFAC Holdings VIII, LLC (the “ Sponsor ”), pursuant to which the Sponsor agreed to loan to the Company up to such amount in connection with the extension of the Company’s time to consummate a business combination from March 16, 2023 to September 16, 2023
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
XBP Global Holdings, Inc. shareholders approved Extension Amendment Proposal to extend the date to consummate a Business Combination at the 2023-03-14 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-03-14
Exact text from the filing
On March 14, 2023, the Company held a special meeting of stockholders (the “ Meeting ”). At the Meeting, the Company’s stockholders approved the Extension Amendment, extending the date by which the Company must consummate a Business Combination from March 16, 2023 to September 16, 2023 (or such earlier date as determined by the board of directors of the Company) (the “ Extension Amendment Proposal ”). The final voting results for the Extension Amendment Proposal were as follows: For Against Abstain 8,804,026 330,028 0
View on SEC.gov
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