Mountain Crest Acquisition IV voted Monday to postpone a vote on the SPAC’s proposed combination with CH-AUTO until Nov. 20. No reason was disclosed for the delay.
CH-AUTO is an electric vehicle manufacturing and design service company based in China.
At deal announcement on April 30, 2022, the transaction reflected an initial equity value of approximately $1.25 billion.
Terms at deal announcement called for CH-AUTO shareholders to receive approximately 125 million shares valued at $10 per share in the merged company, subject to closing adjustments, and the new company will assume net debt outstanding of approximately $460 million. The agreement provides that any additional debt will reduce the purchase price. Read more.
