Monterey Capital Acquisition in a regulatory filing said shareholders approved moving the SPAC’s completion deadline to Nov. 13. In return, the sponsor will deposit the lesser of $325,715 or 4.5 cents per share into trrust for each month the SPAC uses up to the new deadline.
Redemptions of 228,678 public shares represented approximately 3.10% of the outstanding stock.
Monterey Capital in January announced a merger agreement with ConnectM Technology Solutions, a vertically integrated clean energy technology and solutions provider for residential and light commercial buildings and all-electric OEMs. The deal has a pre-money equity valuation of $145 million.
ConnectM has a current base of 22,000+ customers and 12 OEMs between its two platforms (Aurai and Yantra). Aurai is an integrated platform for electrification, decarbonization and energy efficiency and Yantra is ConnectM’s EV, micro mobility, and fleet management platform.
ConnectM 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. ConnectM was #772 in the INC 5000 list for 2021 and #20 in Energy overall.
If the deal is approved, upon closing ConnectM plans to list on the Nasdaq under the symbol CNTM.
Certain stockholders of both the SPAC and ConnectM have entered into agreements to vote in favor of the merger. Read more.
