NEW YORK, Oct. 6, 2020 /PRNewswire/ -- Churchill
Capital Corp III ("Churchill III") (NYSE: CCXX), a public
investment vehicle, announced today that, as of the deadline for
redemptions in connection with the pending business combination
with Polaris Parent Corp., the parent of MultiPlan, Inc.
("MultiPlan"), a leading value-added provider of data analytics and
technology-enabled end-to-end cost management solutions to the U.S.
healthcare industry, over $1 billion
out of the original $1.1 billion
remained available in Churchill III's trust. Combined with
outstanding financing commitments of approximately $2.6 billion, Churchill III will deliver over
$3.6 billion of capital at the
closing of the business combination. As a result, MultiPlan will be
well positioned to accelerate growth through strategic investments
and M&A, and to reduce net debt.
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.
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. Churchill III
appreciates the support of its stockholders and financing sources
for the business combination proposal with MultiPlan.
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.
Churchill III raised $1.1
billion of cash proceeds in an initial public offering in
February 2020. The first public
equity investment company by Churchill III's sponsor, 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 payors 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 payors 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.
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.
Forward-Looking Statements
This press release 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, including those related to the
satisfaction of closing conditions relating to our business
combination, reducing our net debt, refinancing MultiPlan's
indebtedness, and our ability to execute our strategic plan, are
based on current expectations that are subject to known and unknown
risks and uncertainties. Investors are also encouraged to review
the other risks and uncertainties indicated in the definitive proxy
statement filed in connection with the business combination,
including those under "Risk Factors" therein, and other documents
filed or to be filed with the Securities and Exchange Commission
("SEC") by Churchill III or MultiPlan. Investors are cautioned not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made. Churchill III and MultiPlan
undertake no commitment to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements in this press release
speak as of the date of this press release. Although Churchill III
and MultiPlan 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 applicable
securities laws.
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. Churchill III intends to file
other relevant material with the SEC. Stockholders are urged to
read the definitive proxy statement, as well as 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 definitive
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 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.
The directors, executive officers and certain other members of
management and employees of Churchill may be deemed "participants"
in the solicitation of proxies from stockholders of Churchill III
in favor of the proposed business combination. Information
regarding the persons who may, under the rules of the SEC, be
considered participants in the solicitation of the stockholders of
Churchill III in connection with the proposed business combination
is set forth in the definitive proxy statement and the other
relevant documents to be filed with the SEC. You can find
information about Churchill III's executive officers and directors
in Churchill III's filings with the SEC, including Churchill III's
final prospectus for its initial public offering.
Media Contacts
Churchill Capital Corp III:
Steven Lipin or Felipe Ucros at Gladstone Place Partners
212-230-5930
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SOURCE Churchill Capital Corp III