Monterey Capital Acquisition Corp. to Hold Special Meeting on May 7, 2024
Ticker: CNTM · Form: DEF 14A · Filed: Apr 12, 2024 · CIK: 1895249
Sentiment: neutral
Topics: SPAC, Proxy Statement, Business Combination, Extension, Special Meeting
TL;DR
<b>Monterey Capital Acquisition Corp. is holding a virtual special meeting on May 7, 2024, to vote on extending the deadline to complete a business combination.</b>
AI Summary
Monterey Capital Acquisition Corp (CNTM) filed a Proxy Statement (DEF 14A) with the SEC on April 12, 2024. Monterey Capital Acquisition Corp. will hold a special meeting of stockholders on May 7, 2024, at 10:00 a.m. Eastern Time. The meeting will be held virtually via live webcast on the internet. Stockholders will vote on a proposal to amend the Company's Certificate of Incorporation to extend the deadline for consummating a business combination. The proposed extension allows the Board of Directors to extend the Combination Period up to six (6) times, for one (1) month each. The extension period would be from May 13, 2024, to November 13, 2024.
Why It Matters
For investors and stakeholders tracking Monterey Capital Acquisition Corp, this filing contains several important signals. Extending the business combination deadline provides the company with additional time to identify and complete a suitable acquisition, which is crucial for a Special Purpose Acquisition Company (SPAC). Holding the meeting virtually aims to increase stockholder participation and reduce costs, reflecting a modern approach to corporate governance and shareholder engagement.
Risk Assessment
Risk Level: low — Monterey Capital Acquisition Corp shows low risk based on this filing. The filing is a routine proxy statement for a special meeting to extend the company's deadline, with no immediate financial or operational changes disclosed.
Analyst Insight
Stockholders should review the proxy materials carefully to understand the implications of the proposed extension and vote accordingly.
Key Numbers
- May 7, 2024 — Special Meeting Date (Date of the special meeting of stockholders.)
- 10:00 a.m. Eastern Time — Meeting Time (Time the special meeting will commence.)
- 6 — Maximum Extension Periods (Number of one-month extensions possible.)
- 1 month — Duration of Each Extension (Length of each individual extension period.)
Key Players & Entities
- Monterey Capital Acquisition Corp. (company) — Registrant and filer of the proxy statement.
- May 7, 2024 (date) — Date of the special meeting.
- May 13, 2024 (date) — Initial deadline for consummating a business combination.
- November 13, 2024 (date) — Potential extended deadline for consummating a business combination.
FAQ
When did Monterey Capital Acquisition Corp file this DEF 14A?
Monterey Capital Acquisition Corp filed this Proxy Statement (DEF 14A) with the SEC on April 12, 2024.
What is a DEF 14A filing?
A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Monterey Capital Acquisition Corp (CNTM).
Where can I read the original DEF 14A filing from Monterey Capital Acquisition Corp?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Monterey Capital Acquisition Corp.
What are the key takeaways from Monterey Capital Acquisition Corp's DEF 14A?
Monterey Capital Acquisition Corp filed this DEF 14A on April 12, 2024. Key takeaways: Monterey Capital Acquisition Corp. will hold a special meeting of stockholders on May 7, 2024, at 10:00 a.m. Eastern Time.. The meeting will be held virtually via live webcast on the internet.. Stockholders will vote on a proposal to amend the Company's Certificate of Incorporation to extend the deadline for consummating a business combination..
Is Monterey Capital Acquisition Corp a risky investment based on this filing?
Based on this DEF 14A, Monterey Capital Acquisition Corp presents a relatively low-risk profile. The filing is a routine proxy statement for a special meeting to extend the company's deadline, with no immediate financial or operational changes disclosed.
What should investors do after reading Monterey Capital Acquisition Corp's DEF 14A?
Stockholders should review the proxy materials carefully to understand the implications of the proposed extension and vote accordingly. The overall sentiment from this filing is neutral.
How does Monterey Capital Acquisition Corp compare to its industry peers?
Monterey Capital Acquisition Corp. is a Special Purpose Acquisition Company (SPAC) that aims to merge with an operating business. The filing concerns the extension of its deadline to complete such a merger.
Are there regulatory concerns for Monterey Capital Acquisition Corp?
The filing is made under Schedule 14A of the Securities Exchange Act of 1934, which governs the solicitation of proxies from shareholders.
Risk Factors
- Extension of Combination Period [high — financial]: Failure to consummate a business combination by the Extended Date could result in the dissolution of the Company and the distribution of the proceeds held in the trust account to the public stockholders.
Industry Context
Monterey Capital Acquisition Corp. is a Special Purpose Acquisition Company (SPAC) that aims to merge with an operating business. The filing concerns the extension of its deadline to complete such a merger.
Regulatory Implications
The filing is made under Schedule 14A of the Securities Exchange Act of 1934, which governs the solicitation of proxies from shareholders.
What Investors Should Do
- Review the proxy statement for details on the proposed charter amendment and its implications.
- Attend the virtual special meeting on May 7, 2024, to vote on the extension proposal.
- Consider the potential impact of the extension on the company's ability to find and complete a business combination.
Key Dates
- 2024-05-07: Special Meeting — Stockholders will vote on extending the business combination deadline.
- 2024-05-13: Initial Combination Period End Date — The current deadline to complete a business combination.
- 2024-11-13: Potential Extended Combination Period End Date — The latest possible date to complete a business combination if all extensions are utilized.
Year-Over-Year Comparison
This is a DEF 14A filing for a special meeting, distinct from typical quarterly or annual reports. It focuses on a specific corporate action: extending the deadline for a business combination.
Filing Stats: 4,596 words · 18 min read · ~15 pages · Grade level 17.3 · Accepted 2024-04-12 06:33:32
Key Financial Figures
- $325,715 — one-month extension, the lesser of (a) $325,715 and (b) $0.045 (the “ Extension
- $0.045 — ion, the lesser of (a) $325,715 and (b) $0.045 (the “ Extension Payment ”
- $0.0001 — ;s Class A common stock, par value $0.0001 per share, issued in the IPO (the  
- $11.13 — the trust account will be approximately $11.13 at the time of the special meeting base
- $80,547,519 — he record date, which was approximately $80,547,519 (which amount includes interest but exc
- $11.15 — record date of the special meeting, was $11.15. The Company cannot assure public stock
- $100,000 — ased to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses
Filing Documents
- ny20024729x2_def14a.htm (DEF 14A) — 516KB
- ny20024729x2_pc01.jpg (GRAPHIC) — 743KB
- ny20024729x2_pc02.jpg (GRAPHIC) — 520KB
- 0001140361-24-019479.txt ( ) — 2256KB
From the Filing
DEF 14A 1 ny20024729x2_def14a.htm DEF 14A TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant ☒ Filed by a party other than the Registrant   ☐ Check the appropriate box:   ☐ ​ ​ Preliminary Proxy Statement   ☐ ​ ​ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ ​ ​ Definitive Proxy Statement   ☐ ​ ​ Definitive Additional Materials   ☐ ​ ​ Soliciting Material under §240.14a-12 Monterey Capital Acquisition Corporation (Name of Registrant as Specified In Its Charter)   (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): ☒ ​ ​ No fee required   ☐ ​ ​ Fee paid previously with preliminary materials   ☐ ​ ​ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 TABLE OF CONTENTS MONTEREY CAPITAL ACQUISITION CORPORATION 419 Webster Street Monterey, CA 93940 NOTICE OF SPECIAL MEETING   TO BE HELD ON MAY 7, 2024 TO THE STOCKHOLDERS OF MONTEREY CAPITAL ACQUISITION CORPORATION: You are cordially invited to attend the special meeting (the “ special meeting ”) of stockholders of Monterey Capital Acquisition Corporation (the “ Company ,” “ we ,” “ us ” or “ our ”), to be held at 10:00 a.m., Eastern Time, on May 7, 2024. We have decided to hold this special meeting virtually via live webcast on the internet because hosting a virtual special meeting enables greater stockholder attendance and participation from any location around the world, improves meeting efficiency and our ability to communicate effectively with our stockholders, and reduces the cost and environmental impact of the special meeting. You will be able to attend the special meeting, vote and submit your questions during the special meeting by visiting www.virtualshareholdermeeting.com/MCAC2024SM. You will not be able to attend the special meeting in person. At the special meeting, the stockholders will consider and vote upon the following proposals: 1. A proposal to amend (the “ Extension Amendment ”) the Company’s Amended and Restated Certificate of Incorporation (as amended, the “ Charter ”) to provide the Company’s Board of Directors (the “ Board ”) with the right to extend (the “ Extension ”) the date by which the Company has to consummate a business combination (the “ Combination Period ”) up to an additional six (6) times for one (1) month each time, from May 13, 2024 to November 13, 2024 (as extended, the “ Extended Date ”) (i.e., for a period of time ending 30 months after the consummation of its initial public offering (the “ IPO ”)) (the “ Extension Amendment Proposal ”). 2. A proposal to approve the adoption of an amendment (the “ Trust Amendment ”) to that certain Investment Management Trust Agreement, dated as of May 10, 2022, by and between the Company and Continental Stock Transfer & Trust Company, as trustee (as amended, the “ Trust Agreement ”), to allow the Company to extend the Combination Period up to an additional six (6) times for one (1) month each time from May 13, 2024 to November 13, 2024, the Extended Date, by depositing into the Trust Account, for each one-month extension, the lesser of (a) $325,715 and (b) $0.045 (the “ Extension Payment ”) for each then-outstanding share of the Company’s Class A common stock, par value $0.0001 per share, issued in the IPO (the “ Public Shares ”) after giving effect to the redemptions in connection with the Extension Amendment Proposal (the “ Trust Amendment Proposal ” and together with the Extension Amendment Proposal, the “ Charter Amendment Proposals ”). 3. A proposal to approve the adjournment of the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes to approve the Charter Amendment Proposals or if we determine that additional time is necessary to effectuate the Extension (the “ Adjournment Proposal ”). Each of the Extension Amendment Proposal, the Trust Amendment Proposal and the Adjournment Proposal is more fully described in the accompanying proxy statement. Please see “ Questions and Answers about the Special Meeting — How