Chain Bridge I Faces Delisting of Class A Ordinary Shares from Nasdaq – Impact on Business Combination with Phytanix Bio – Shares to Trade on OTC Market

On November 14, 2024, Chain Bridge I (NASDAQ: CBRGU) disclosed in an 8-K filing that The Nasdaq Stock Market LLC (“Nasdaq”) had decided to suspend trading of the company’s Class A ordinary shares and units starting from the opening of business on November 19, 2024. Following this suspension, Chain Bridge I’s Class A ordinary shares will be available for trading on the OTCQB Market under the symbol “CBRRF”. Meanwhile, the company’s warrants and units will be listed for trading on the Pink Open Market operated by OTC under the symbols “CBRGF” and “CBGGF,” respectively.

The delisting process will be completed by Nasdaq filing a Form 25-NSE with the U.S. Securities and Exchange Commission (SEC), removing Chain Bridge I’s securities from Nasdaq’s listing and registration. The company expressed confidence that the delisting would not impact their ability to finalize the business combination with Phtytanix Bio (the “Phytanix Business Combination”). Chain Bridge I intends to apply to list its securities on Nasdaq Capital Markets upon the completion of the Phytanix Business Combination.

Moreover, on November 14, 2024, Chain Bridge I conducted an Extraordinary General Meeting of Shareholders, where shareholders voted on a proposal to extend a critical deadline. The proposal aimed to provide the company with more time until November 15, 2025, to consummate a business combination or face liquidation as per the existing terms.

Shareholders voted to pass the proposal successfully, reflecting the support for the company’s strategic continuity. Additionally, holders of 550,947 Class A Shares exercised their right to redeem their shares for approximately $6,336,383 in cash held in the Trust Account. Furthermore, as part of an agreement, Fulton AC I LLC is contributing funds to the Trust Account based on the number of shares not redeemed.

This sequence of events marks a critical period for Chain Bridge I as it navigates the delisting from Nasdaq and manages key decisions related to its business combination plans and financial arrangements. Investors and stakeholders will closely monitor how the company progresses amidst these changes and adapts to trading on the OTC market while pursuing strategic objectives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Chain Bridge I’s 8K filing here.

About Chain Bridge I

Chain Bridge I does not have significant operations. The company intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. It also intends to focus on partnering with a technology company that will advance the United States national security and intelligence interests.