CCC Intelligent Solutions Holdings Inc.(the “Company”) (NYSE:
CCCS) today announced that the Company will redeem all of its
outstanding Warrants (other than Private Placement Warrants held by
the Sponsor or its Permitted Transferees through and including the
Redemption Date) (in each case, as defined in the Warrant
Agreement) to purchase shares of the Company’s common stock, par
value $0.0001 per share (the “Common Stock”), that were issued
under the Warrant Agreement, dated as of August 13, 2020 by and
between the Company (f/k/a Dragoneer Growth Opportunities Corp.)
and Continental Stock Transfer & Trust Company (the “Warrant
Agent”), for a redemption price of $0.10 per Warrant (the
“Redemption Price”), that remain outstanding at 5:00 p.m. New York
City time on December 29, 2021 (the “Redemption Date”).
The Warrants may be exercised by the holders thereof until 5:00
p.m. New York City time on the Redemption Date to purchase shares
of Common Stock underlying such Warrants. As the Reference Value is
less than $18.00 per share, payment upon exercise of the Warrants
may be made either (i) in cash, at an exercise price of $11.50 per
share of Common Stock or (ii) on a “cashless basis” in which the
exercising holder will receive a number of shares of Common Stock
to be determined in accordance with the terms of the Warrant
Agreement and based on the Redemption Date and the volume weighted
average price (the “Redemption Fair Market Value”) of the Common
Stock for the ten (10) trading days ending on the third trading day
prior to the date on which notice of redemption is sent to holders
of Warrants.
The number of shares of Common Stock that each exercising
warrant holder will receive by virtue of the make-whole cashless
exercise (instead of paying the $11.50 per Warrant cash exercise
price) was calculated in accordance with the terms of the Warrant
Agreement with reference to the table set forth in Section 6.2 of
the Warrant Agreements based on the fair market value of the shares
of Common Stock and length of time to the applicable expiration of
the Warrants. If any holder of Warrants would, after taking into
account all of such holder’s Warrants exercised at one time, be
entitled to receive a fractional interest in a share of Common
Stock, the number of shares the holder will be entitled to receive
will be rounded down to the nearest whole number of shares.
The Company understands from the New York Stock Exchange that
December 28, 2021, the trading day prior to the Redemption Date,
will be the last day on which the Warrants will be traded on the
New York Stock Exchange.
Evercore is acting as financial advisor to the Company in
connection with the Warrant redemption.
None of the Company, its board of directors or employees has
made or is making any representation or recommendation to any
holder of the Warrants as to whether to exercise, whether on a cash
or cashless basis, or refrain from exercising any Warrants.
Issuance of the shares of Common Stock underlying the Warrants
has been registered by the Company under the Securities Act of
1933, as amended, and is covered by a registration statement filed
on Form S-1 with, and declared effective by, the Securities and
Exchange Commission (Registration No. 333-259142). Exercise of
Warrants held in “street name” should be directed through the
broker of the warrant holder. In addition to the broker, questions
may also be directed to Continental Stock Transfer & Trust
Company, 1 State Street, 30th Floor, New York, New York 10004,
Attention: Compliance Department, Telephone Number (212) 509-4000
or to Morrow Sodali at (800) 662-5200 (toll-free in North America),
+1 (203) 658-9400 (outside of North America) or by email at
CCCS@info.morrowsodali.com.
Additional information can be found on the Company’s Investor
Relations website: https://ir.cccis.com/.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (NYSE: CCCS), is a leading SaaS
platform for the multi-trillion-dollar P&C insurance economy
powering operations for insurers, repairers, automakers, part
suppliers, lenders, and more. CCC cloud technology connects more
than 30,000 businesses digitizing mission-critical workflows,
commerce, and customer experiences. A trusted leader in AI, IoT,
customer experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most. Learn more about CCC at www.cccis.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding the Company’s
expectations and timing related to the redemption of its Warrants.
Such differences may be material. We cannot assure you that the
forward-looking statements in this press release will prove to be
accurate. These forward looking statements are subject to a number
of risks and uncertainties, including, among others, competition,
including technological advances and new products marketed by
competitors; changes to applicable laws and regulations; capital
requirements and other risks and uncertainties, including those
included under the header “Risk Factors” in the definitive proxy
statement/prospectus filed by Dragoneer Growth Opportunities Corp.
with the Securities and Exchange Commission (“SEC”) on July 6,
2021, which can be obtained, without charge, at the SEC’s website
(www.sec.gov). The forward-looking statements in this press release
represent our views as of the date of this press release. We
anticipate that subsequent events and developments will cause our
views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we have no
current intention of doing so except to the extent required by
applicable law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211129005758/en/
Investor Contact: Brian Denyeau ICR, LLC 646-277-1251
IR@cccis.com
Media Contact: Michelle Hellyar Director Public
Relations, CCC Intelligent Solutions Inc. mhellyar@cccis.com
CCC Intelligent Solutions (NYSE:CCCS)
Historical Stock Chart
From Jun 2024 to Jul 2024
CCC Intelligent Solutions (NYSE:CCCS)
Historical Stock Chart
From Jul 2023 to Jul 2024