Atlantic Coastal Acquisition in an 8-K said it entered into a purchase agreement with Ireland-based Porche Capital LTD, which agreed to purchase 55% of the sponsor’s interests. This amounts to 4,465,867 shares of Class A stock, one share of Class B stock and 3,336,667 warrants to acquire 1,112,222 shares of Class A stock for a total price of $1, and the assumption of certain accrued expenses of the company, approximating $420,000.
The sponsor transferred the remaining 45% of the interests, which are approximately 3,653,892 shares of Class A stock and 2,730,000 warrants to acquire 910,000 shares of Class A stock, to a separate limited liability company, of which Shahraab Ahmad is the managing member. Ahmad is the outgoing CEO of the SPAC, according to the filing.
Atlantic Coastal announced in August it would redeem investor shares. Read more.
