Atlantic Coastal Acquisition II in an 8-K said it will enter into a non-redemption agreement for an unspecified number of shares with a third-party investor or investors who agree to hold onto their stock through an upcoming extension vote and until completion of a merger.
The SPAC seeks shareholder approval for a deadline extension from April 19 to Oct. 19.
In exchange for the non-redemption commitments, the investors would receive Series B common stock. The number of shares is not specified in the regulatory filing.
The SPAc raised $200 million in a January 2022 IPO to pursue targets in the next-generation mobility sector. Read more.
