May. 27 at 1:20 PM
$MBAV $CEP $MTPLF
MBAV
Tether Co-Founder Reeve Collins and CC Capital Affiliate Purchase Sponsor Interests in SPAC to Acquire Digital Assets
Tuesday, 27th May at 9:15 am
Digital Assets Industry Veteran Reeve Collins to Serve as Chief Executive Officer
NEW YORK, May 27, 2025 /PRNewswire/ -- M3-Brigade Acquisition V Corp., a Cayman Islands exempted company (NASDAQ: MBAVU, MBAV, MBAVW)) ("M3-Brigade"), announced the closing of a transaction in which MI7 Sponsor, LLC, a Delaware limited liability company and a CC Capital affiliate, along with Reeve Collins ("New Sponsor"), purchased 7,187,500 Class B ordinary shares and 5,043,750 private placement warrants of M3-Brigade owned by M3-Brigade Sponsor V LLC, a Delaware limited liability company ("Original Sponsor"), for an aggregate purchase price of
$6,467,500. Additionally, the New Sponsor expects to purchase 3,293,750 additional private placement warrants of M3-Brigade from Cantor Fitzgerald & Co.
Following the transactions, M3-Brigade intends to seek a business combination target in industries relating to digital assets. The company plans to change its name to CCRC Digital Assets Corp.