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Corsair Partnering Corp - CORS

  • Commons

    $9.75

    -0.46%

    CORS Vol: 4.9K

  • Warrants

    $0.80

    -0.01%

    CORS+ Vol: 0.0

  • Units

    $9.98

    +0.30%

    CORS= Vol: 0.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 273.7M
Average Volume: 46.7K
52W Range: $9.60 - $9.96
Weekly %: +0.26%
Monthly %: +0.46%
Inst Owners: 1

Info

Target: Searching
Days Since IPO: 249
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-quarter of one redeemable warrant
Trust Size: nanM

Management

Officers, Directors and Director Nominees.” Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our partnering transaction, we intend to engage in the business of identifying and combining with one or more businesses. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a partnering transaction opportunity to such entity subject to their fiduciary duties under Cayman Islands law. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential partnering candidate may be presented to another entity prior to its presentation to us. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except, and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. For a complete discussion of our executive officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management — Officers, Directors and Director Nominees,” “Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our executive officers, directors and security holder and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, executive officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a partnering transaction with a partnering candidate that is affiliated with our sponsor, our directors or executive officers, although we do not intend to do so, or we may acquire a partnering candidate through an affiliated joint acquisition with one or more affiliates of Corsair Capital and/or one or more investors in Corsair Capital or one of its affiliates. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a partnering candidate and completing a partnering transaction. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable partnering candidate may result in a conflict of interest when determining whether the terms, conditions and timing of a particular partnering transaction are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. However, we might not ultimately be successful in any claim we may make against them for such reason. 47 Table of Contents We may engage in a partnering transaction with one or more partnering candidates that have relationships with entities that may be affiliated with our sponsor, executive officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, executive officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, executive officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management — Conflicts of Interest.” Such entities may compete with us for partnering transaction opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our partnering transaction with any entities with which they are affiliated, and there have been no substantive discussions concerning a partnering transaction with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a partnering transaction as set forth in “Proposed Business — Effecting our Partnering Transaction” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm or an independent accounting firm regarding the fairness to our company from a financial point of view of a partnering transaction with one or more domestic or international businesses affiliated with our sponsor, executive officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the partnering transaction may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Moreover, we may pursue an affiliated joint acquisition opportunity with one or more affiliates of Corsair Capital and/or one or more investors in Corsair Capital or one of its affiliates. Any such parties may co-invest with us in the partnering candidate at the time of our partnering transaction, or we could raise additional proceeds to complete the partnering transaction by issuing to such parties a class of equity or equity-linked securities. Accordingly, such persons or entities may have a conflict between their interests and ours. Since our sponsor, executive officers and directors will lose their entire investment in us if our partnering transaction is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular partnering candidate is appropriate for our partnering transaction. On January 8, 2021, one of our affiliates purchased an aggregate of (a) 2,012,000 founder shares in exchange for a capital contribution of $6,250, or approximately $0.0031 per share and (b) 250,000 performance shares for a capital contribution of $18,750, or approximately $0.0750 per share and on January 21, 2021 (x) exchanged 130,000 founder shares on a one for one basis for performance shares and (y) surrendered 157,500 founder shares, such that at the date hereof, there are 2,012,500 founder shares and 250,000 performance shares issued and outstanding. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 40,250,000 units if the underwriter’s over-allotment option is exercised in full, and therefore that such founder shares would represent 5% of the outstanding ordinary shares issued in this offering. Up to 262,500 of our sponsor’s founder shares will be forfeited depending on the extent to which the underwriter’s over-allotment is exercised. The founder shares will be worthless if we do not complete a partnering transaction. In addition, our sponsor has committed to purchase an aggregate of 5,500,000 private placement warrants (or 6,025,000 private placement warrants if the underwriter’s over-allotment option is exercised in full), for an aggregate purchase price of $5,500 (or $6,025,000 if the underwriter’s over-allotment option is exercised in full), or $1.00 per private placement warrant. Private placement warrants will also be worthless if we do not complete our partnering transaction. The personal and financial interests of our executive officers and directors may influence their motivation in identifying and selecting a partnering transaction, completing a partnering transaction and influencing the operation of the business following the partnering transaction. This risk may become more acute as the 24-month anniversary of the closing of this offering nears, which is the deadline for our completion of a partnering transaction. 48 Table of Contents We may be a passive foreign investment company, or “PFIC,” which could result in adverse U.S. federal income tax consequences to U.S. investors. If we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in the section of this prospectus captioned “Taxation—U.S. Federal Income Tax Considerations”) of our Class A ordinary shares or warrants, the U.S. Holder may be subject to adverse U.S. federal income tax consequences and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend on whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned “Taxation—U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Rules”). Depending on the particular circumstances the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, however, will not be determinable until after the end of such taxable year (and, in the case of the start-up exception, potentially not until after the two taxable years following our current taxable year). If we determine we are a PFIC for any taxable year, we expect to provide to a U.S. Holder such information as the Internal Revenue Service (the “IRS”) may require, including a PFIC Annual Information Statement, in order to enable the U.S. Holder to make and maintain a “qualified electing fund” election, but there can be no assurance that we will provide such required information on a timely basis or at all, and such election would be unavailable with respect to our warrants in all cases. We urge U.S. investors to consult their tax advisers regarding the possible application of the PFIC rules. For a more detailed explanation of the tax consequences of PFIC classification to U.S. Holders, see the section of this prospectus captioned “Taxation—U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Rules.” You may be treated as receiving taxable constructive distributions for U.S. federal income tax purposes even though you do not receive a corresponding cash distribution. In addition, in the event we complete our partnering transaction with a U.S. company and certain other conditions are met, non-U.S. investors may be subject to withholding taxes, and we may have withholding obligations, with respect to any such constructive distribution. The terms of the warrants provide for an adjustment to the number of Class A ordinary shares for which warrants may be exercised or to the exercise price of the warrants in certain events, as discussed in the section of this prospectus captioned “Description of Securities—Warrants—Public Shareholders’ Warrants.” When certain adjustments are made, depending on the circumstances, you may be treated for U.S. federal income tax purposes as receiving a constructive distribution from us even though no cash distributions are made. In addition, it is possible that the conversion of performance shares into Class A ordinary shares could similarly result in a constructive distribution to you. See “Taxation—U.S. Federal Income Tax Considerations—Possible Constructive Distributions.” Moreover, if we complete our partnering transaction with a U.S. company and certain other conditions are met, non-U.S. investors may be subject to U.S. federal withholding tax in respect of any such constructive distribution with respect to our warrants or shares, and we or another withholding agent may be liable for any failure to withhold and remit any tax due to the appropriate taxing authority, even though no contemporaneous cash distributions are made. General Risk Factors If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our partnering transaction. If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including: ·restrictions on the nature of our investments; and ·restrictions on the issuance of securities, each of which may make it difficult for us to complete our partnering transaction. In addition, we may have imposed upon us burdensome requirements, including: 49 Table of Contents ·registration as an investment company with the SEC; ·adoption of a specific form of corporate structure; and ·reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are not subject to. In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a partnering transaction and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor. We do not believe that our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being deemed an “investment company” within the meaning of the Investment Company Act. This offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our partnering transaction; (ii) the redemption of any public shares properly tendered in connection with a shareholder vote to amend our amended and restated memorandum and articles of association to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our partnering transaction within 24 months (or 27 months, as applicable) from the closing of this offering; and (iii) absent a partnering transaction within 24 months (or 27 months, as applicable) from the closing of this offering or with respect to any other material provisions relating to shareholders’ rights or pre-partnering transaction activity, our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may hinder our ability to complete a partnering transaction. If we do not complete our partnering transaction, our public shareholders may only receive their pro rata portion of the funds in the trust account that are available for distribution to public shareholders, and our warrants will expire worthless. Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our partnering transaction, and results of operations. We are subject to laws and regulations enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete our partnering transaction, and results of operations. We are not required to obtain an opinion from an independent accounting or investment banking firm, and consequently, you may have no assurance from an independent source that the price we are paying for the business is fair to our shareholders from a financial point of view. 50 Table of Contents Unless we complete our partnering transaction with an affiliated entity, we are not required to obtain an opinion from an independent accounting firm or independent investment banking firm that the price we are paying is fair to our shareholders from a financial point of view. If no opinion is obtained, our shareholders will be relying on the judgment of our board of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to our partnering transaction. We are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may make it more difficult to compare our performance with other public companies. We are an “emerging growth company” within the meaning of the Securities Act, as modified by the JOBS Act, and

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 4.45%
% of Float Held by Institutions 4.45%
Number of Institutions Holding Shares 1

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q 10-Q 2021-11-12 https://www.sec.gov/Archives/edgar/data/1842659/000114036121037548/brhc10030367_10q.htm
8-K FORM 8-K 2021-08-20 https://www.sec.gov/Archives/edgar/data/1842659/000095010321012677/dp156148_8k.htm
10-Q 10-Q 2021-08-13 https://www.sec.gov/Archives/edgar/data/1842659/000114036121028236/brhc10027923_10q.htm
SC 13G SC 13G 2021-07-28 https://www.sec.gov/Archives/edgar/data/1842659/000110465921096957/tm2123475d1_sc13g.htm
8-K FORM 8-K 2021-07-15 https://www.sec.gov/Archives/edgar/data/1842659/000095010321010520/dp154373_8k.htm
8-K FORM 8-K 2021-07-12 https://www.sec.gov/Archives/edgar/data/1842659/000095010321010321/dp154191_8k.htm
SC 13G CORSAIR - 13G 2021-07-09 https://www.sec.gov/Archives/edgar/data/1842659/000178100221000036/Corsair13g.htm
8-K FORM 8-K 2021-07-07 https://www.sec.gov/Archives/edgar/data/1842659/000095010321010153/dp153979_8k.htm
424B4 FORM 424B4 2021-07-02 https://www.sec.gov/Archives/edgar/data/1842659/000095010321009949/dp153720_424b4.htm
EFFECT 2021-06-30 https://www.sec.gov/Archives/edgar/data/1842659/999999999521002594/xslEFFECTX01/primary_doc.xml
CERT NYSE CERTIFICATION 2021-06-30 https://www.sec.gov/Archives/edgar/data/1842659/000087666121000973/CORS063021.pdf
8-A12B/A FORM 8-A12B/A 2021-06-30 https://www.sec.gov/Archives/edgar/data/1842659/000095010321009703/dp153590_8a12ba.htm
POS AM FORM POS AM 2021-06-30 https://www.sec.gov/Archives/edgar/data/1842659/000095010321009694/dp153534_posam-1.htm
10-Q 10-Q 2021-05-20 https://www.sec.gov/Archives/edgar/data/1842659/000114036121018129/brhc10024805_10q.htm
NT 10-Q FORM NT 10-Q 2021-05-17 https://www.sec.gov/Archives/edgar/data/1842659/000095010321007333/dp151137_nt10q.htm
POS AM FORM POS AM 2021-05-07 https://www.sec.gov/Archives/edgar/data/1842659/000095010321006914/dp149259_posam.htm
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004673/xslF345X02/dp148331_3-cabral.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004672/xslF345X02/dp148333_3-jacobs.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004671/xslF345X02/dp148330_3-alpuche.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004669/xslF345X02/dp148335_3-schein.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004668/xslF345X02/dp148332_3-eckert.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004667/xslF345X02/dp148334_3-jayanti.xml
3 FORM 3 2021-03-26 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004665/xslF345X02/dp148336_3-corsair.xml
EFFECT 2021-03-24 https://www.sec.gov/Archives/edgar/data/1842659/999999999521001114/xslEFFECTX01/primary_doc.xml
CERT NYSE CERTIFICATION 2021-03-23 https://www.sec.gov/Archives/edgar/data/1842659/000087666121000446/CORS032321.pdf
8-A12B FORM 8-A12B 2021-03-23 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004406/dp148216_8a12b.htm
CORRESP 2021-03-22 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004350/filename1.htm
CORRESP 2021-03-22 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004349/filename1.htm
CORRESP 2021-03-18 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004197/filename1.htm
S-1/A FORM S-1/A 2021-03-18 https://www.sec.gov/Archives/edgar/data/1842659/000095010321004196/dp148014_s1a.htm
UPLOAD 2021-03-17 https://www.sec.gov/Archives/edgar/data/1842659/000000000021003206/filename1.pdf
S-1 FORM S-1 2021-03-08 https://www.sec.gov/Archives/edgar/data/1842659/000095010321003678/dp146836_s1.htm
DRS 2021-02-01 https://www.sec.gov/Archives/edgar/data/1842659/000095010321001337/filename1.htm