Mountain & Co. I Acquisition said it has issued convertible notes for $1.2 million to several investors for their contributions to the SPAC’s trust to cover four months of deadline extensions.
The principal balance of each note will be repayable by the SPAC when it completes a merger or liquidates. However, if an initial business combination is not completed, the notes will not be repaid and all amounts owed will be forgiven except to the extent that the SPAC has funds available to it outside of the trust account.
Mountain & Co. I last week filed a proxy and called a March 8 meeting for shareholders to vote on another deadline extension — to Nov. 9. The SPAC said it needs the additional time to work on finanizing its deal with Spanish soccer club FC Barcelona, which plans to list its digital unit.
The redemption price per share is approximately $11.40, based on the $131.3 million in trust as of Feb. 22.
The parties in October lowered the minimum proceeds condition to €40 million. The agreement initially called for the SPAC to deliver at least €50 million in cash.
FC Barcelona plans to list its digital unit Barca Media on the Nasdaq through the SPAC deal. FC Barcelona would keep an 80% stake in Barca Media, while the SPAC would own the remaining 20%. Read more.
