NEW YORK and CHICAGO, Nov. 6,
2020 /PRNewswire/ -- CF Finance Acquisition Corp.
("CFAC") (NASDAQ: CFFA) and GCM Grosvenor, a global alternative
asset management firm, announced today that they have received all
required approvals for their previously announced business
combination. The transaction has been unanimously approved by the
board of directors of CFAC and was approved at a special meeting of
CFAC shareholders on November 3,
2020. The closing of the transaction is anticipated to occur
on Tuesday, November 17, 2020,
subject to customary closing conditions. GCM Grosvenor Inc.'s Class
A common stock is expected to be listed on the NASDAQ exchange
following the closing of the transaction under the ticker
"GCMG."
Upon the completion of the transaction, GCM Grosvenor management
will own in excess of 78% of the equity interests of the
post-transaction company. The cash held in CFAC's trust account,
together with the $195 million in
PIPE proceeds and $30 million
investment from Cantor Fitzgerald, will be used to pay cash
consideration to GCM Grosvenor's current investors, including
Hellman and Friedman, pay transaction expenses, reduce GCM
Grosvenor's existing indebtedness, and fund GCM Grosvenor's future
growth.
Additional information is available at
www.gcmgrosvenor.com/public-shareholders.
About GCM Grosvenor
GCM Grosvenor is a global alternative asset management solutions
provider across private equity, infrastructure, real estate,
credit, and absolute return investment strategies. The firm is in
its 50th year of operation and is dedicated to
delivering value for clients in the growing alternative investment
asset classes.
GCM Grosvenor's experienced team of 485 professionals serves a
global client base of institutional and high net worth investors.
The firm is headquartered in Chicago, with offices in New York, Los
Angeles, London,
Tokyo, Hong Kong, and Seoul.
About CF Finance Acquisition Corp.
CF Finance Acquisition Corp. is a public investment vehicle
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. CFAC is
led by its Chairman and Chief Executive Officer, Howard W.
Lutnick, who is also the Chairman and Chief Executive Officer of
Cantor Fitzgerald. CFAC's securities are traded on the Nasdaq
Capital Market under the ticker symbols CFFA, CFFAW and CFFAU.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including with
respect to the expected timing of the proposed transaction between
GCM Grosvenor and CFAC and expected listing on the NASDAQ exchange.
These forward-looking statements generally are identified by words
such as "believe," "project," "expect," "anticipate," "estimate,"
"intend," "strategy," "future," "opportunity," "plan," "may,"
"should," "will," "would" and similar expressions. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all, (ii)
the risk that the transaction may not be completed by CFAC's
business combination deadline and the potential failure to obtain
an extension of the business combination deadline if sought by
CFAC, (iii) the failure to satisfy the conditions to the
consummation of the transaction, (iv) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the transaction, and (v) the ability to satisfy the
listing requirements of The Nasdaq Stock Market. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the "Risk Factors" section of the joint prospectus/proxy
statement filed by GCM Grosvenor in connection with the transaction
and other documents filed by CFAC and GCM Grosvenor Inc. from time
to time with the U.S. Securities and Exchange Commission (the
"SEC"). These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and GCM Grosvenor and CFAC assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither GCM Grosvenor nor CFAC gives
any assurance that GCM Grosvenor will achieve its expectations.
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SOURCE GCM Grosvenor; CF Finance Acquisition Corp.