Mountain Crest Acquisition IV in an 8-K said stockholders voted in favor of combining with CH-AUTO, an electric vehicle manufacturing and design service company based in China.
In connection with yesterday’s vote, the SPAC said 1,487,667 shares were redeemed. Total redemptions since the SPAC’s IPO exceed 99%, with slightly more than 19,000 shares that remain outstanding.
Mountain Crest IV announced the deal in May 2022 when it was valued at $1.2 billion. Although the 8-K outlining the merger vote did not cite an estimated closing date on the deal, Mountain Crest IV has until January to get it across the finish line.
The SPAC raised $50 million in a June 2021 IPO. Read more.
