Monterey Capital Acquisition registered to offer 10 million units at $10 each. A unit consists of one share, a warrant and one right to receive one-tenth of one share at the closing of a merger.
The new SPAC will target businesses engaged in clean-energy transition with enterprise values of approximately $250 million to $1 billion — excluding companies in China, Hong Kong and Macau.
CEO and Chairman Bala Padmakumar since August 2020 has been a partner at Advantary, where he specializes in business development and advises on strategic matters. Since January 2021, he has been actively partnering with the Asia practice of FocalPoint Partners, a boutique investment bank, on deal flow diligence in the clean transition space in Asia.
EF Hutton is sole bookrunner for the offering.
The SPAC has applied to list on the Nasdaq under the symbol MCACU. Read more.
