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Endurance Acquisition Corp. - EDNC

  • Commons

    $9.79

    +0.20%

    EDNC Vol: 0.0

  • Warrants

    $0.54

    +4.82%

    EDNCW Vol: 6.1K

  • Units

    $9.92

    -1.88%

    EDNCU Vol: 105.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 195.8M
Average Volume: 30.1K
52W Range: $9.69 - $10.71
Weekly %: +0.00%
Monthly %: +0.00%
Inst Owners: 2

Info

Target: Searching
Days Since IPO: 81
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant
Trust Size: 20000000.0M

Management

Directors, Director Nominees and Officers.” Certain of our directors and officers are now, and all of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted by us 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 initial business combination, we intend to engage in the business of identifying and combining with one or more businesses or assets. Our sponsor and directors and officers are, or may in the future become, affiliated with entities that are engaged in a similar business. Our sponsor and directors and officers are also not prohibited from sponsoring, investing or otherwise becoming involved with, any other blank check companies, including in connection with their initial business combinations, prior to us completing our initial business combination. Moreover, certain of our directors and officers have time and attention requirements for investment funds of which affiliates of our sponsor are the investment managers. Our directors and officers also may become aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual duties. 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 target business may be presented to other entities prior to its presentation to us, subject to his or her fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law, no individual serving as a director or an officer shall have any duty, except 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 we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and it is an opportunity that we are able to complete on a reasonable basis. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management — Directors, Director Nominees and Officers,” “Management — Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our directors, officers, security holders 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, officers, security holders or their respective 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 business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. 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. In particular, affiliates of our sponsor have invested in industries as diverse as healthcare, education, financial services, artificial intelligence and social media. As a result, there may be substantial overlap between companies that would be a suitable business combination for us and companies that would make an attractive target for such other affiliates. 56 We may engage in a business combination with one or more target businesses or assets that have relationships with entities that may be affiliated with our sponsor, directors or officers which may raise potential conflicts of interest. In light of the involvement of our sponsor, directors and officers with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, directors and officers. Certain of our directors and officers also serve as officers and board members for other entities, including those described under “Management — Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, directors and officers are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination 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 and guidelines for a business combination as set forth in “Proposed Business — Effecting Our Initial Business Combination — Selection of a target business and structuring of our initial business combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement that we, or a committee of independent and disinterested directors, will obtain an opinion from an independent investment banking firm which is a member of FINRA or another valuation or appraisal firm that regularly renders fairness opinions on the type of target business we are seeking to acquire, regarding the fairness to our company from a financial point of view of a business combination with one or more businesses or assets affiliated with our sponsor, directors or officers, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Members of our management team have significant experience as founders, board members, officers or executives of other companies. As a result, certain of those individuals, and the companies with which they have been affiliated with, have been or may become involved in proceedings, investigations, litigation, negative publicity or other events, which could have a material adverse effect on us, the trading price of our securities and our ability to consummate an initial business combination. During the course of their careers, members of our management team have had significant experience as founders, board members, officers or executives of other companies. As a result of their involvement and positions in these companies, some members of our management team, in their capacities as officers and/or directors of these companies, have been, and may in the future be, involved in litigation, investigations, proceedings, negative media coverage or other events arising out of or relating to the operations of such companies or organizations or transactions entered into by such companies or organizations. Involvement of one or more members of our management in litigation, investigations, proceedings or negative publicity, may be detrimental to our reputation, divert management attention, and could have a material adverse effect on the trading price of our securities, and our ability to identify and complete our initial business combination, including as a result of perception on the part of target businesses. Since our initial shareholders will lose their entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On April 26, 2021, our sponsor subscribed for an aggregate of 5,750,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.004 per share. On June 7, 2021, our sponsor transferred 25,000 founder shares to Mitsui & Co., LTD, an advisory board member. On August 13, 2021, our sponsor transferred 35,000 founder shares to each of Gary D. Begeman, Henry E. Dubois and Michael Leitner, our independent director nominees, and 25,000 founder shares to each of Eddie Kato and Simon Cathcart, our advisory board members. Our initial shareholders will collectively own 15% of our issued and outstanding shares after this offering (assuming they do not purchase any units in this offering). If we increase or decrease the size of this offering, we will effect a capitalization or share surrender, repurchase or redemption or other appropriate mechanism, as applicable, immediately prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering. The founder shares will be worthless if we do not complete an initial business combination. 57 In addition, our sponsor has committed to purchase an aggregate of 6,630,000 private placement warrants (or 7,230,000 private placement warrants if the underwriters’ over-allotment option is exercised in full), each exercisable for one Class A ordinary share, for a purchase price of $6,630,000 in the aggregate or $7,230,000 in the aggregate if the underwriters’ over-allotment option is exercised in full, or $1.00 per private placement warrant, that will also be worthless if we do not complete a business combination. Each private placement warrant may be exercised for one Class A ordinary share at a price of $11.50 per share, subject to adjustment as provided herein. The founder shares are identical to the Class A ordinary shares included in the units being sold in this offering except that: (1) prior to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2) the founder shares are subject to certain transfer restrictions; (3) our initial shareholders, directors, officers and advisors have entered into a letter agreement with us pursuant to which they have agreed to waive: (i) their redemption rights with respect to any founder shares and public shares held by them, as applicable, in connection with the completion of our initial business combination; (ii) their redemption rights with respect to any founder shares and public shares held by them in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares; and (iii) their rights to liquidating distributions from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 18 months from the closing of this offering or during any Extension Period (although they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within the prescribed time frame); (4) each of our anchor investors has entered into an investment agreement with us pursuant to which they have agreed that any founder shares held by them are (i) not entitled to redemption rights in connection with the completion of our initial business combination or in connection with a shareholder vote to amend our amended and restated memorandum and articles of association and (ii) not entitled to liquidating distributions from the trust account with respect to any founder shares the anchor investor holds in the event we fail to complete our initial business combination within 18 months from the closing of this offering or during any extension period; (5) the founder shares will automatically convert into our Class A ordinary shares at the time of our initial business combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described in more detail below; and (6) the founder shares are entitled to registration rights. If we submit our initial business combination to our shareholders for a vote, our initial shareholders, directors, officers, and advisors have agreed (and their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares and any public shares held by them purchased during or after this offering in favor of our initial business combination. Each of our anchor investors has agreed to vote any founder shares they hold in favor of our initial business combination. While we do not expect our board of directors to approve any amendment to or waiver of the letter agreement or registration rights agreement prior to our initial business combination, it may be possible that our board of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to or waivers of such agreements in connection with the consummation of our initial business combination. Any such amendments or waivers would not require approval from our shareholders, may result in the completion of our initial business combination that may not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. The personal and financial interests of our sponsor, directors and officers may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 18-month deadline following the closing of this offering nears, which is the deadline for the completion of our initial business combination. 58 The nominal purchase price paid by our sponsor for the founder shares may result in significant dilution to the implied value of your public shares upon the consummation of our initial business combination. We are offering our units at an offering price of $10.00 per unit and the amount in our trust account is initially anticipated to be $10.00 per public share, implying an initial value of $10.00 per public share. However, prior to this offering, our sponsor paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.004 per share. As a result, the value of your public shares may be significantly diluted upon the consummation of our initial business combination, when the founder shares are converted into public shares. For example, the following table shows the dilutive effect of the founder shares on the implied value of the public shares upon the consummation of our initial business combination, assuming that our equity value at that time is $193,000,000, which is the amount we would have for our initial business combination in the trust account after payment of $7,000,000 of deferred underwriting commissions, assuming the underwriters’ over-allotment option is not exercised, no interest is earned on the funds held in the trust account, and no public shares are redeemed in connection with our initial business combination, and without taking into account any other potential impacts on our valuation at such time, such as the trading price of our public shares, the business combination transaction costs, any equity issued or cash paid to the target’s sellers or other third parties, or the target’s business itself, including its assets, liabilities, management and prospects, as well as the value of our public and private warrants. At such valuation, each of our Class A ordinary shares would have an implied value of $7.72 per share upon consummation of our initial business combination, which would be a 22.8% decrease as compared to the initial implied value per public share of $10.00 (the price per unit in this offering, assuming no value to the public warrants). Public shares 20,000,000 Founder shares 5,000,000 Total shares 25,000,000 Total funds in trust available for initial business combination (less deferred underwriting commissions) $193,000,000 Initial implied value per public share $10.00 Implied value per share upon consummation of initial business combination $7.72 The value of the founder shares following completion of our initial business combination is likely to be substantially higher than the nominal price paid for them, even if the trading price of our Class A ordinary shares at such time is substantially less than $10.00 per share. Upon the closing of this offering, assuming no exercise of the underwriters’ over-allotment option, our sponsor will have invested in us an aggregate of $6,655,000, comprised of the $25,000 purchase price for the founder shares and the $6,630,000 purchase price for the private placement warrants. Assuming a trading price of $10.00 per share upon consummation of our initial business combination, the 5,000,000 founder shares would have an aggregate value of $50,000,000. Even if the trading price of our common Class A ordinary shares was as low as approximately $1.25 per share, and the private placement warrants were worthless, the value of the founder shares would be equal to the sponsor’s initial investment in us. As a result, our sponsor is likely to be able to recoup its investment in us and make a substantial profit on that investment, even if our public shares have lost significant value. Accordingly, our management team, which owns interests in our sponsor, may have an economic incentive that differs from that of the public shareholders to pursue and consummate an initial business combination rather than to liquidate and to return all of the cash in the trust to the public shareholders, even if that business combination were with a riskier or less-established target business. For the foregoing reasons, you should consider our management team's financial incentive to complete an initial business combination when evaluating whether to redeem your shares prior to or in connection with the initial business combination 59 Since the anchor investors have the right to acquire certain of our founder shares from our sponsor, a conflict of interest may arise in determining whether a particular target business is appropriate for our initial business combination. At the closing of our initial business combination, the anchor investors will be entitled to purchase from our sponsor an aggregate of 1,250,000 founder shares at their original purchase price of approximately $0.004 per share. Accordingly, the anchor investors will share in any appreciation in the value of the founder shares above that nominal amount, provided that we successfully complete a business combination. If the anchor investors purchase units in this offering for which they have expressed an interest for a purchase price of $10.00 per unit and pay approximately $0.004 per share for their interests in the founder shares, the anchor investors will be paying an effective price that is significantly lower than the $10.00 per share to be paid by the other public shareholders in this offering. As a result, the anchor investors may have an incentive to vote any public shares they own in favor of a business combination, and, if a bu

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 16.15%
% of Float Held by Institutions 16.15%
Number of Institutions Holding Shares 2

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2021-11-15 https://www.sec.gov/Archives/edgar/data/1864891/000141057821000287/edncu-20210930x10q.htm
8-K FORM 8-K 2021-11-04 https://www.sec.gov/Archives/edgar/data/1864891/000110465921134499/tm2131679d1_8k.htm
SC 13G ENDURANCE ACQUISITION CORP. 2021-09-27 https://www.sec.gov/Archives/edgar/data/1864891/000110465921119767/tm2128552d2_sc13g.htm
8-K FORM 8-K 2021-09-23 https://www.sec.gov/Archives/edgar/data/1864891/000110465921118857/tm2128137d1_8k.htm
SC 13G FORM SC 13G 2021-09-22 https://www.sec.gov/Archives/edgar/data/1864891/000106299321008846/formsc13g.htm
4 PRIMARY DOCUMENT 2021-09-21 https://www.sec.gov/Archives/edgar/data/1864891/000186502121000002/xslF345X03/primary_doc.xml
8-K FORM 8-K 2021-09-17 https://www.sec.gov/Archives/edgar/data/1864891/000110465921116941/tm2127819d1_8k.htm
424B4 424B4 2021-09-16 https://www.sec.gov/Archives/edgar/data/1864891/000110465921116024/tm2127737d1_424b4.htm
SC 13G SCHEDULE 13G 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115796/tm2127699d2_sc13g.htm
3 OWNERSHIP DOCUMENT 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115734/xslF345X02/tm2127686-5_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115732/xslF345X02/tm2127686-4_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115730/xslF345X02/tm2127686-3_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115728/xslF345X02/tm2127686-2_3seq1.xml
3 OWNERSHIP DOCUMENT 2021-09-15 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115726/xslF345X02/tm2127686-1_3seq1.xml
EFFECT 2021-09-14 https://www.sec.gov/Archives/edgar/data/1864891/999999999521003521/xslEFFECTX01/primary_doc.xml
CERT 2021-09-14 https://www.sec.gov/Archives/edgar/data/1864891/000135445721001040/8-ACert_EDNC.pdf
8-A12B 8-A12B 2021-09-14 https://www.sec.gov/Archives/edgar/data/1864891/000110465921115321/tm2127529d1_8a12b.htm
S-1/A S-1/A 2021-09-13 https://www.sec.gov/Archives/edgar/data/1864891/000110465921114929/tm2119472d6_s1a.htm
CORRESP 2021-09-10 https://www.sec.gov/Archives/edgar/data/1864891/000110465921114658/filename1.htm
CORRESP 2021-09-10 https://www.sec.gov/Archives/edgar/data/1864891/000110465921114657/filename1.htm
S-1/A FORM S-1/A 2021-09-09 https://www.sec.gov/Archives/edgar/data/1864891/000110465921113941/tm2119472-4_s1a.htm
CORRESP 2021-09-08 https://www.sec.gov/Archives/edgar/data/1864891/000110465921113950/filename1.htm
UPLOAD 2021-09-02 https://www.sec.gov/Archives/edgar/data/1864891/000000000021010748/filename1.pdf
S-1 FORM S-1 2021-08-27 https://www.sec.gov/Archives/edgar/data/1864891/000110465921109907/tm2119472d3_s-1.htm
DRS 2021-06-11 https://www.sec.gov/Archives/edgar/data/1864891/000110465921080233/filename1.htm