NEW YORK, June 5, 2020 /PRNewswire/ -- CF Finance
Acquisition Corp. (Nasdaq: CFFAU, "CFAC" or the "Company")
announced today that its sponsor will make a contribution (the
"Contribution") to CFAC's trust account in an amount equal to
$0.09 per share of Class A common
stock issued in CFAC's initial public offering that is not redeemed
in connection with the stockholder vote to approve an amendment to
its charter (the "Extension Amendment") to extend the date by which
CFAC has to complete a business combination from June 17, 2020 to September
17, 2020 (the "Extension"), if the Extension Amendment is
approved and the Extension implemented. The Contribution will
not accrue interest and will be repayable to the sponsor or its
designee in full upon the consummation of an initial business
combination.
The Contribution will increase the pro rata portion of the funds
available in CFAC's trust account in the event of the consummation
of an initial business combination or liquidation from
approximately $10.33 per share to
approximately $10.42 per share. The
Contribution is conditioned upon the implementation of the
Extension. If the Extension is implemented, the Company's sponsor
will make the Contribution by June 17,
2020.
About CF Finance Acquisition Corp.
CF Finance Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. The Company's efforts to
identify a prospective target business will not be limited to a
particular industry or geographic region, but the Company intends
to focus on prospective target companies in the financial services
or real estate services industries.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements are subject to risks and uncertainties, which could
cause actual results to differ from the forward looking statements.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
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SOURCE CF Finance Acquisition Corp.