Special purpose acquisition company Monterey Capital Acquisition Corporation (Nasdaq: MCACU) started trading its securities on the Nasdaq Global Market today. The firm priced its initial public offering, aiming to raise total proceeds of US$80.0 million.
The offering will entail selling 8.0 million units, down from the original 10.0 million, priced at US$10.00 per unit. Each unit is composed of one Class A common share, one redeemable warrant, and one-tenth of a right. Each whole warrant is exercisable to purchase one common share at US$11.50 per share while each whole right equates to one common share upon business combination.
The company units trade on the Nasdaq big board under the symbol “MCACU”. Once the securities separate, the company shares, warrants, and rights will trade under the ticker symbols “MCAC”, “MCACW”, and “MCACR”, respectively.
The proposed offering is being managed by EF Hutton as the sole bookrunner. The underwriters were granted a 45-day over-allotment option to purchase additional 1.2 million company units.
The blank check company intends to focus its search on businesses in the clean transition sector.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.