NEW YORK, Oct. 2, 2020 /PRNewswire/ -- Churchill
Capital Corp III ("Churchill III") (NYSE: CCXX), a public
investment vehicle, today confirmed the special meeting of
stockholders to approve the pending combination with Polaris Parent
Corp., the parent of MultiPlan, Inc ("MultiPlan"), will be held at
10:00 a.m. Eastern Time on
October 7, 2020 via live
webcast. The proxy statement is available in the Investor
Resources section of Churchill III's website as well as on
www.sec.gov.
The consummation of the business combination is currently
expected to occur on October 8, 2020,
the day immediately following the special meeting of stockholders,
subject to final stockholder approval and satisfaction of other
customary conditions.
As previously disclosed, Churchill III stockholders,
representing approximately 41% of the outstanding common stock of
Churchill III, have agreed to vote FOR the business combination
proposal with MultiPlan as well as the other proposals set forth in
the proxy statement. In addition, as previously disclosed, an
affiliate of MultiPlan owns approximately 6.6% of the outstanding
shares of Churchill III's common stock and has agreed to vote such
shares FOR the business combination in the same proportion as the
votes cast by other Churchill III stockholders FOR the business
combination relative to all votes actually cast by other Churchill
III stockholders with respect to such proposal.
Further, Churchill III has received commitments from existing
investors and new PIPE investors for funding and non-redemptions of
approximately $2.9 billion in the
aggregate, which is more than sufficient to satisfy the closing
cash condition.
Holders of Churchill III's common stock as of the close of
business on September 14, 2020 are
entitled to vote at the special meeting. The Churchill III
Board of Directors unanimously recommends that stockholders vote
"FOR" the business combination proposal with MultiPlan as well as
the other proposals set forth in the proxy statement.
About Churchill Capital Corp III
Churchill Capital Corp III is a public investment vehicle formed
for the purpose of effecting a merger, acquisition, or similar
business combination. Churchill III was founded by a group of
leading current and former business and financial leaders.
Churchill III's securities are traded on the New York Stock
Exchange under ticker symbols CCXX, CCXX. WS and CCXX.U. The
Company raised $1.1 billion of cash
proceeds in an initial public offering in February 2020. Churchill's first public equity
investment company, Churchill Capital Corp, led by Jerre Stead, merged with Clarivate Analytics, a
leading provider of comprehensive intellectual property and
scientific information, analytical tools, and services in
May 2019. Churchill Capital
Corp II and Churchill Capital Corp IV are actively pursuing initial
business combination targets in any business or industry. For more
information, visit iii.churchillcapitalcorp.com
About Multiplan
MultiPlan is committed to helping healthcare payers manage the
cost of care, improve their competitiveness and inspire positive
change. Leveraging sophisticated technology, data analytics, and a
team rich with industry experience, MultiPlan interprets clients'
needs and customizes innovative solutions that combine its payment
integrity, network-based and analytics-based services. MultiPlan is
a trusted partner to over 700 healthcare payers in the commercial
health, dental, government and property and casualty markets.
MultiPlan is owned by Hellman & Friedman and other
investors. For more information, visit multiplan.com.
Forward-Looking Statements
This communication includes "forward looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Terms such as
"anticipate," "believe," "will," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "should," "would," or similar expressions
may identify forward-looking statements, but the absence of these
words does not mean the statement is not forward-looking. Such
forward looking statements are based on current expectations that
are subject to known and unknown risks and uncertainties, which
could cause actual results or outcomes to differ materially from
expectations expressed or implied by such forward looking
statements. Investors are also encouraged to review the risks and
uncertainties indicated in the definitive proxy statement filed
with SEC on September 18, 2020,
including those under "Risk Factors" therein, and other documents
filed or to be filed in connection with the business combination
with SEC by Churchill III. Forward-looking statements speak only as
of the date made and, except as required by law, Churchill III and
MultiPlan undertake no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements in this
communication speak as of the date of this communication. Although
Churchill III may from time to time voluntarily update its prior
forward-looking statements, it disclaims any commitment to do so
whether as a result of new information, future events, changes in
assumptions or otherwise except as required by securities laws.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer or invitation to
purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities, or the solicitation of any vote or
approval in any jurisdiction, pursuant to the proposed transactions
or otherwise, nor shall there be any sale, issuance or transfer of
any securities in any jurisdiction in contravention of applicable
law. In particular, this communication is not an offer of
securities for sale into the United
States. No offer of securities shall be made in the United States absent registration under
the U.S. Securities Act of 1933, as amended, or pursuant to an
exemption from, or in a transaction not subject to, such
registration requirements.
Additional Information and Where to Find It
In connection with the proposed transactions, Churchill III
filed a definitive proxy statement with the SEC on September 18, 2020. Stockholders are urged to
read the definitive proxy statement and any other documents filed
with the SEC in connection with the proposed business combination
or incorporated by reference in the definitive proxy statement
because they will contain important information about the proposed
business combination.
Investors will be able to obtain free of charge the proxy
statement and other documents filed with the SEC at the SEC's
website at http://www.sec.gov. Copies of the documents filed
with the SEC by Churchill III when and if available, can be
obtained free of charge by directing a written request to Churchill
Capital Corp III, 640 Fifth Avenue, 12th Floor, New York, NY 10019.
Contacts:
Media: Steven
Lipin or Felipe Ucros.
Gladstone Place Partners, 212-230-5930
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SOURCE Churchill Capital Corp III