MONTEREY, CA / ACCESSWIRE / May 10, 2022 / Monterey Capital Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 8,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market ("Nasdaq") and will begin trading tomorrow, May 11, 2022, under the ticker symbol "MCACU". Each unit consists of one share of Class A common stock, one redeemable warrant and one right to receive one-tenth (1/10) of one share of Class A common stock upon consummation of the Company's initial business combination. Each warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, shares of the Class A common stock, warrants and rights are expected to be listed on Nasdaq under the symbols "MCAC", "MCACW" and "MCACR", respectively.
EF Hutton, division of Benchmark Investments, LLC ("EF Hutton"), is acting as the sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,200,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on May 13, 2022, subject to customary closing conditions.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is serving as legal counsel to the Company. Seward & Kissel LLP is serving as counsel to EF Hutton.
The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at [email protected]
A registration statement on Form S-1 (File No. 333-264460) relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on May 10, 2022. A final prospectus relating to this offering will be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT MONTEREY CAPITAL ACQUISITION CORPORATION
The Company is a newly organized blank check company 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. While it may pursue an initial business combination target in any business, industry, or geographical location, the Company intends to focus its search on businesses in the clean transition sector. The Company is led by Bala Padmakumar, the Company's Chief Executive Officer and Chairman of the Board, Vivek Soni, the Company's Executive Vice President and Director, and Daniel Davis, the Company's Chief Financial Officer.
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Chief Executive Officer and Chairman of the Board
Monterey Capital Acquisition Corporation
Email: [email protected]
Phone: (831) 649-7388
SOURCE: Monterey Capital Acquisition Corporation