Monterey Innovation Acquisition called a June 30 meeting for shareholders to vote on a deadline extension proposal that would move the SPAC’s termination date from July 5 up to April 5, 2024. The new sponsors, who bought out the original management team in March, would deposit $100,000 into trust for each additional monthly extension.
The SPAC raised $100 million in an October 2021 IPO to target the biotech industry, but has yet to announce a deal. Read more.
