Mountain & Co. I Acquisition, which is asking shareholders for an extension from Nov. 9 to March 9, 2024, said in an amended proxy filing that as of the Sept. 12 redemption deadline, 1,763,665 Class A shares were redeemed, resulting in 10,451,373 Class A shares remaining outstanding.
Based on a redemption price of $11.01 per share, the cash-outs removed about $19.4 million from the SPAC’s trust.
The current extension was approved in February, although redemptions ahead of that vote removed approximately $113 million from the SPAC’s trust, leaving about $128 million. With the latest round of redemptions, the trust now stands at about $109 million.
The latest redemptions may be reversed until 10 a.m. tomorrow when the shareholders’ meeting is scheduled to begin.
The SPAC last month announced a deal with FC Barcelona, one of the world’s most successful and storied professional football clubs, to merge with its content creation platform, Barça Media, at a $1 billion pro forma enterprise value.
Barça Media centralizes the creation, production and commercialization of FC Barcelona’s audiovisual, digital and esports output. The business incorporates substantially all of the digital content the club has produced over the past 20 years. Read more.
