Monterey Capital Acquisition Corp. Announces Definitive Agreement

TL;DR

MCACU signed a deal to buy a company, details to come.

AI Summary

Monterey Capital Acquisition Corp. (MCACU) announced on July 9, 2024, that it has entered into a definitive agreement to acquire a target company. The filing does not disclose the name of the target company or the financial terms of the acquisition.

Why It Matters

This 8-K filing signals a significant step for Monterey Capital Acquisition Corp. as it moves towards completing an acquisition, which could lead to a business combination and potential changes for its shareholders.

Risk Assessment

Risk Level: medium — The filing indicates a pending acquisition, which carries inherent risks related to deal completion, valuation, and integration, but specific details are not yet disclosed.

Key Players & Entities

• Monterey Capital Acquisition Corp. (company) — Registrant
• MCACU (company) — Ticker Symbol

FAQ

Key Financial Figures

• $0.0001 — t LLC Class A Common Stock, par value $0.0001 per share MCAC The NASDAQ Stock Ma
• $11.50 — r one share of Class A common stock for $11.50 per share MCACW The NASDAQ Stock M
• $11.36 — s owed by the Company, is approximately $11.36 per share (the "Redemption Price"). The
• $79,646,196 — ce as of July 9, 2024, of approximately $79,646,196, which accounts for the Company's tax e
• $311,200 — se withdrawal from the Trust Account of $311,200 as of the same date. Holders of Public

Filing Documents

• tm2419093d1_8k.htm (8-K) — 39KB
• 0001104659-24-078548.txt ( ) — 271KB
• mcacu-20240709.xsd (EX-101.SCH) — 4KB
• mcacu-20240709_def.xml (EX-101.DEF) — 27KB
• mcacu-20240709_lab.xml (EX-101.LAB) — 39KB
• mcacu-20240709_pre.xml (EX-101.PRE) — 26KB
• tm2419093d1_8k_htm.xml (XML) — 8KB

01. Other Events

Item 8.01. Other Events As of July 9, 2024, the pro rata portion of the trust account (the "Trust Account") of Monterey Capital Acquisition Corporation (the "Company") each share of Class A common stock, par value $0.0001 per share (each a "Public Share") would be entitled to receive upon redemption, assuming estimated withdrawals from the Trust Account to pay franchise and income taxes owed by the Company, is approximately $11.36 per share (the "Redemption Price"). The Redemption Price is based on the Trust Account balance as of July 9, 2024, of approximately $79,646,196, which accounts for the Company's tax expense withdrawal from the Trust Account of $311,200 as of the same date. Holders of Public Shares who wish to withdraw their previously submitted redemption requests may do so by requesting the Company's transfer agent, Continental Stock Transfer & Trust Company, to return such Public Shares. Pursuant to the terms of the Forward Purchase Agreement dated December 31, 2022, by and between the Company and Meteora Special Opportunity Fund ("Meteora"), Meteora may not beneficially own greater than 9.9% of the issued and outstanding Public Shares on a post-merger pro forma basis (the "Ownership Limitation"). On July 9, 2024, the Company and Meteora agreed to waive the Ownership Limitation. Important Information About the Proposed Business Combination and Where to Find It In connection with the proposed business combination (the "Business Combination") between MCAC and ConnectM Technology Solutions Inc. ("ConnectM"), MCAC filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (the "Registration of proxies for the vote by MCAC's stockholders with respect to the Business Co

Forward-Looking Statements

Forward-Looking Statements This press release contains certain forward-looking facts contained in this report are forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of MCAC securities; the failure to satisfy the conditions to closing the transaction, including the requisite approvals by the stockholders of MCAC and the receipt of certain governmental and regulatory approvals; the effect of the announcement or pendency of the transaction on the ConnectM's business relationships and business generally; the outcome of any legal proceedings that may be instituted related to the transaction; the ability to realize the anticipated benefits of the transaction; and ConnectM may use its capital resources sooner than it expects. Moreover, ConnectM operates in a very competitive and rapidly changing environment. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond MCAC's and ConnectM's control, you should not rely on these forward-looking statements as predictions of future events. The foregoing list of factors is not exclusive, and you should carefully consider the foregoing factors and the other risks and uncertainties described in the Proxy Statement discussed herein and other documents filed by MCAC's from time to time with 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

View Full Filing

View this 8-K filing on SEC EDGAR