Concord Acquisition Corp II (CNDA) is a SPAC — a blank check company with no operations — created solely to merge with a private company and take it public. Concord II raised ~$280M in its 2021 IPO and placed those proceeds in a trust account while its management team searched for an acquisition target. After repeated shareholder redemptions, only ~$99K remained in the trust as of December 31, 2025. Concord II has agreed to merge with Events.com, a California-based event management software company; upon closing, the combined company would rename itself Events.com. The deal still requires shareholder approval, and given the near-total depletion of the trust, the combined company would likely need to raise additional capital post-merger. If no deal closes by December 31, 2026, the SPAC must liquidate. Concord II is sponsored by Atlas Merchant Capital, an alternative asset manager co-founded by Bob Diamond (former CEO of Barclays) and David Schamis, with Bob Diamond serving as Chairman and Jeff Tuder as CEO. The sponsor's incentive to close is straightforward: if the SPAC liquidates, the founders' shares — acquired at a nominal cost — become worthless.