NEW YORK - Churchill Capital Corp VII (NYSE: CVII), a special purpose acquisition company, will move its Class A common stock, public warrants, and public units from the New York Stock Exchange to the Nasdaq Global Market. The transfer is slated to conclude with the start of trading on Monday, February 5, 2024, under the unchanged ticker symbols "CVII," "CVIIU," and "CVIIW" respectively.
This move follows the announcement on August 1, 2023, of Churchill VII's definitive agreement for a business combination with CorpAcq Holdings Limited, a UK-based corporate compounder with a portfolio of 42 companies.
The transaction is poised to close in early 2024, pending Churchill VII stockholder approval, effectiveness of a registration statement by the SEC, a minimum of $350 million net cash available at closing, and other customary conditions.
Churchill VII's stockholders need not take any action concerning the stock exchange transition. The company was established to undertake a merger or similar business combination with one or more businesses.
CorpAcq has been recognized for its ability to acquire and support founder-led businesses since 2006, fostering long-term growth and utilizing a decentralized operational approach. The executive team offers financial and strategic expertise while maintaining subsidiaries' operational independence.
InvestingPro Insights
As Churchill Capital Corp VII (NYSE: CVII) prepares to transition its listing to the Nasdaq Global Market, investors may be interested in the latest metrics and insights from InvestingPro. With a market capitalization of $976.97 million and a high price-to-earnings (P/E) ratio of 104.55, CVII is trading at a significant earnings multiple. The adjusted P/E ratio for the last twelve months as of Q3 2023 stands at 68.17, which suggests a premium valuation in the market.
InvestingPro Tips indicate that Churchill Capital Corp VII has been profitable over the last twelve months but does not pay a dividend to shareholders, which may influence the investment decisions of income-focused investors. Additionally, the company's stock generally trades with low price volatility and is currently trading near its 52-week high, with the price representing 97.78% of this peak.
For investors seeking to delve deeper into the financial health and future prospects of CVII, InvestingPro provides additional tips. There are currently 6 more InvestingPro Tips available for Churchill Capital Corp VII, which can be accessed with a subscription. As we welcome the New Year, InvestingPro subscription is now on a special sale with a discount of up to 50%. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription. These insights could be particularly valuable as the company approaches its next earnings date on March 15, 2024, and finalizes its business combination with CorpAcq Holdings Limited.
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