Monterey Capital Acquisition in a proxy filing asks shareholders to approve a deadline extension in monthly increments from May 13 to Nov. 13 as it works to complete a business combination with ConnectM Technology Solutions, a vertically integrated clean energy technology and solutions provider for residential and light commercial buildings and all-electric OEMs.
As announced in December, ConnectM would have a pre-money equity valuation of $145 million.
The deal had been expected to close in the second quarter.
Certain stockholders of both the SPAC and ConnectM have entered into agreements to vote in favor of the merger.
As of the April 8 record date, the SPAC held about $80.54 million in trust. there were 7,376,125 Monterey Capital Class A shares outstanding and 2.3 million Class B shares. The SPAC raised $80 million in a May 2022 IPO.
ConnectM has a current base of 22,000+ customers and 12 OEMs between its two platforms. The company employs a customer acquisition strategy blending all-digital marketing, white label OEM integration and acquisitions of complementary businesses with customer bases that present upsell opportunities. Read more.
