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M3-Brigade Acquisition V (MBAV) announced the closing of a transaction in which MI7 Sponsor, a Delaware limited liability company and a CC Capital affiliate, along with Reeve Collins, 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, 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. In connection with the transactions, Tether’s co-founder Reeve Collins was named chief executive officer and CC Capital’s Chinh Chu was named president. In addition, M3-Brigade appointed Thomas L. Fairfield and Edward Murphy as new members of the board of directors. Collins is a long-time innovator in the digital asset space, best known for co-founding and serving as the founding chief executive officer of Tether, the first and most widely adopted stablecoin. Fairfield is chief financial and operating officer at byNordic Acquisition. He has provided strategic business consulting services through Cambio Group, which he founded in 2018. Murphy is a veteran finance executive with 30+ years of experience across fixed-income and real estate markets.
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