CONX Corp. Announces Tender Offer to Complete Business Combination
LITTLETON, Colo., April 1, 2024 /PRNewswire/ — CONX Corp. (Nasdaq: CONX) (the “Company” or “CONX”) announced today that it has commenced a tender offer (the “Tender Offer”) to purchase up to 2,120,269 of its shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), at a purchase price of $10.585614 per share (the “Purchase Price”). The Purchase Price, which is a fixed amount, was determined by calculating the quotient obtained by dividing: (i) the aggregate amount expected to be on deposit in the Company’s trust account initially established to hold the proceeds of the initial public offering of CONX, as of two business days prior to the closing of the Transaction, including interest not previously released to CONX to pay its taxes (which will not include certain excise tax as set forth in the Offer to Purchase), by (ii) the total number of then outstanding shares of Class A Common Stock held by public stockholders, upon the terms and subject to certain conditions described in the Offer to Purchase and in the related letter of transmittal. The Class A Common Stock is currently listed on the Nasdaq Stock Exchange (“Nasdaq”) under the symbol “CONX.” On March 28, 2024, the closing price of the Class A Common Stock was $10.60 per share. The Tender Offer will expire at 5:00 p.m. New York City time on April 29, 2024 unless extended by the Company (the “Expiration Date”).