8-K 1 tm2132193d1_8k.htm FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 3, 2021

Concord Acquisition Corp III
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

001-41013
(Commission File Number)

86-2171699
(I.R.S. Employer
Identification No.)

477 Madison Avenue
New York, NY
(Address of principal executive offices)

10022
(Zip Code)

(212) 883-4330
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock and one-half of one Warrant	CNDB.U	The New York Stock Exchange
Class A Common Stock, par value $0.0001 per share	CNDB	The New York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50	CNDB.WS	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01. Entry into a Material Definitive Agreement.

On November 3, 2021, the registration statement on Form S-1 (File No. 333-254789) relating to the initial public offering (the “IPO”) of Concord Acquisition Corp III (the “Company”) was declared effective by the U.S. Securities and Exchange Commission, and the Company subsequently filed, on November 3, 2021, a registration statement on Form S-1 (File No. 333-260751) pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the “Securities Act”), which was effective immediately upon filing (collectively, the “Registration Statements”).

On November 8, 2021, the Company consummated the IPO of 34,500,000 units (“Units”), including the issuance of 4,500,000 Units as a result of the underwriters’ exercise in full of their over-allotment option. Each Unit consists of one share of Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and one-half of one redeemable warrant (“Warrant”), each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, subject to adjustment. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds to the Company of $345,000,000.

In connection with the IPO, the Company entered into the following agreements, forms of which were previously filed as exhibits to the Registration Statement:

An Underwriting Agreement, dated November 3, 2021, by and among the Company, Citigroup Global Markets Inc. and Cowen and Company, LLC, as representatives of the underwriters, a copy of which is attached as Exhibit 1.1 hereto and incorporated herein by reference;

A Warrant Agreement, dated November 3, 2021, between the Company and Continental Stock Transfer & Trust Company (“Continental”), as warrant agent, a copy of which is attached as Exhibit 4.1 hereto and incorporated herein by reference;

A Letter Agreement, dated November 3, 2021, by and among the Company, Concord Sponsor Group III LLC (the “Sponsor”), CA2 Co-Investment LLC (“CA2 Co-Investment”) and each of the executive officers and directors of the Company, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference;

An Investment Management Trust Agreement, dated November 3, 2021, between the Company and Continental, as trustee, a copy of which is attached as Exhibit 10.2 hereto and incorporated herein by reference;

A Registration Rights Agreement, dated November 3, 2021, among the Company, the Sponsor and certain security holders, a copy of which is attached as Exhibit 10.3 hereto and incorporated herein by reference;

A Private Placement Warrants Subscription Agreement, dated November 3, 2021, by and between the Company and the Sponsor, a copy of which is attached as Exhibit 10.4 hereto and incorporated herein by reference;

A Private Placement Warrants Subscription Agreement, dated November 3, 2021, by and between the Company and CA2 Co-Investment, a copy of which is attached as Exhibit 10.5 hereto and incorporated herein by reference;

Indemnity Agreements, each dated November 3, between the Company and each of the officers and directors of the Company, the form of which is attached as Exhibit 10.6 hereto and incorporated herein by reference;

An Administrative Services Agreement, dated November 3, 2021, between the Company and Atlas Merchant Capital LLC, a copy of which is attached as Exhibit 10.7 hereto and incorporated herein by reference;

A Promissory Note for Sponsor Loan, dated November 8, 2021, executed by the Company in favor of the Sponsor, a copy of which is attached as Exhibit 10.8 hereto and incorporated herein by reference; and

A Promissory Note for Sponsor Loan, dated November 8, 2021, executed by the Company in favor of the CA2 Co-Investment, a copy of which is attached as Exhibit 10.9 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On November 8, 2021, the Company executed promissory notes for sponsor loans (the “Sponsor Loan Notes”) in favor of the Sponsor and CA2 Co-Investment, generating gross proceeds to the Company of $6,900,000. The Sponsor Loan Notes shall be repaid or converted into warrants (the “Sponsor Loan Warrants”) at a conversion price of $1.00 per warrant, at the holders’ discretion. The Sponsor Loan Warrants will be identical to the Private Placement Warrants.

Item 3.02. Unregistered Sales of Equity Securities.

On November 8, 2021, simultaneously with the consummation of the IPO, the Company consummated the private placement of an aggregate of 9,400,000 warrants (the “Private Placement Warrants”) to the Sponsor and CA2 Co-Investment at a price of $1.00 per Private Placement Warrant, generating total gross proceeds of $9,400,000 (the “Private Placement”). No underwriting discounts or commissions were paid with respect to the Private Placement. The Private Placement was conducted as a non-public transaction and, as a transaction by an issuer not involving a public offering, is exempt from registration under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act. In the Private Placement, the Sponsor purchased 8,260,606 Private Placement Warrants and CA2 Co-Investment purchased 1,139,394 Private Placement Warrants. The Private Placement Warrants are identical to the Warrants, except that except that the Private Placement Warrants (including the underlying securities) are subject to certain transfer restrictions and the holders thereof are entitled to certain registration rights, and, if held by the original holder or their permitted assigns, the underlying warrants (i) may be exercised on a cashless basis, (ii) are not subject to redemption and (iii) with respect to such warrants held by CA2 Co-Investment, will not be exercisable more than five years from the commencement of sales in the IPO. If the Private Placement Warrants are held by holders other than the initial purchasers or their permitted transferees, then the warrants included in the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the Units sold in the IPO.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective as of November 3, 2021, the following individuals were appointed to the board of directors of the Company: Peter Ort, Thomas King and Larry Leibowitz. Additional information regarding, among other things, each individual’s background, board committee membership and compensatory arrangements is contained in the Registration Statement and is incorporated herein by reference.

Item 5.03. Amendments to Certificate of Incorporation or Bylaws; Change in Fiscal Year.

On November 3, 2021, the Company filed its amended and restated certificate of incorporation (the “Certificate of Incorporation”) with the Secretary of State of the State of Delaware, which was effective the same day. Among other things, the Certificate of Incorporation authorizes the issuance of (a) up to 220,000,000 shares of common stock, including (i) 200,000,000 shares of Class A Common Stock and (ii) 20,000,000 shares of Class B common stock, par value $0.0001 per share, and (b) up to 1,000,000 shares of preferred stock, par value $0.0001 per share. The terms of the Certificate of Incorporation are set forth in the Registration Statement and are incorporated herein by reference. The foregoing description of the Certificate of Incorporation is qualified in its entirety by reference to the full text of the Certificate of Incorporation, which is attached as Exhibit 3.1 hereto and is incorporated herein by reference.

Item 8.01. Other Events.

On November 8, 2021, a total of $351,900,000 of the net proceeds from the IPO, the Private Placement and the Sponsor Loan Notes was placed in a trust account established for the benefit of the Company’s public stockholders (the “Trust Account”), with Continental acting as trustee. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations and up to $100,000 of interest to pay dissolution expenses, none of the funds held in the Trust Account will be released from the Trust Account until the earliest of (i) the completion of the Company’s initial business combination, (ii) the redemption of any shares of Class A Common Stock included in the Units sold in the IPO (“public shares”) properly tendered in connection with a stockholder vote to amend the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to provide holders of the public shares the right to have their shares redeemed or to redeem 100% of the public shares if the Company does not complete its initial business combination within 18 months from the closing of the IPO (or up to 24 months from the closing of the IPO if the Company extends the period of time to consummate its initial business combination by up to an additional six months, subject to the Sponsor depositing additional funds into the Trust Account as described in the Registration Statement) or (B) with respect to any other provision relating to the rights of holders of the public shares or the Company’s pre-initial business combination activity, and (iii) the redemption of the public shares if the Company does not complete an initial business combination within 18 months from the closing of the IPO (or up to 24 months from the closing of the IPO if the Company extends the period of time to consummate its initial business combination by up to an additional six months, subject to the Sponsor depositing additional funds into the Trust Account as described in the Registration Statement), subject to applicable law.

On November 4, 2021, the Company issued a press release announcing the pricing of the IPO, a copy of which is attached as Exhibit 99.1 hereto and incorporated herein by reference.

On November 8, 2021, the Company issued a press release announcing the full exercise of underwriters’ over-allotment option and closing of the IPO, a copy of which is attached as Exhibit 99.2 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
1.1		Underwriting Agreement, dated November 3, 2021, by and among the Company, Citigroup Global Markets Inc. and Cowen and Company, LLC.

3.1		Amended and Restated Certificate of Incorporation of the Company.

4.1		Warrant Agreement, dated November 3, 2021, between the Company and Continental Stock Transfer & Trust Company.

10.1		Letter Agreement, dated November 3, 2021, among the Company, Concord Sponsor Group III LLC, CA2 Co-Investment LLC and each of the executive officers, directors and initial stockholders of the Company.

10.2		Investment Management Trust Agreement, dated November 3, 2021, between the Company and Continental Stock Transfer & Trust Company.

10.3		Registration Rights Agreement, dated November 3, 2021, among the Company, Concord Sponsor Group III LLC and certain securityholders.

10.4		Private Placement Warrants Subscription Agreement, dated November 3, 2021, by and between the Company and the Sponsor

10.5		Private Placement Warrants Subscription Agreement, dated November 3, 2021, by and between the Company and CA2 Co-Investment

10.6		Form of Indemnity Agreement.⁽¹⁾

10.7		Administrative Services Agreement, dated November 3, 2021, between the Company and Atlas Merchant Capital LLC

10.8		Promissory Note for Sponsor Loan, dated November 8, 2021, between the Company and the Sponsor

10.9		Promissory Note for Sponsor Loan, dated November 8, 2021, between the Company and the CA2 Co-Investment

99.1		Press release, dated November 4, 2021.

99.2		Press release, dated November 8, 2021.

(1)

Incorporated by reference to an exhibit to the Registrant’s Form S-1/A (File No. 333-254789), filed with the SEC on May 7, 2021.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CONCORD ACQUISITION CORP IIi

	By:	/s/ Jeff Tuder
		Name: Jeff Tuder
		Title: Chief Executive Officer

Date: November 9, 2021