Mountain Crest Acquisition Corp. IV (NASDAQ:MCAF) announced this afternoon that its shareholders have approved its business combination with CH-AUTO.
At today’s meeting, there were 2,958,185 shares of common stock present, representing approximately 89.25% of the issued and outstanding shares, constituting a quorum. The deal was approved with holders of 2,704,338 shares voting in favor of the combination, and holders of 253,847 shares voting against it.
In connection with the meeting, an aggregate amount of 1,487,667 shares were tendered for redemption, resulting in 99.7% in aggregate (including prior redemptions) redeemed from MCAF’s trust and leaving it with just 19,324 shares remaining.
The parties have not yet disclosed a timeline for the closing of the deal, but MCAF has a completion deadline of January 2024. Once completed, the combined company is expected to trade on the Nasdaq Stock Market.
Mountain Crest IV inked its $1.2 billion deal with CH-AUTO in May 2022. Beijing-based CH-AUTO specializes in electric vehicle manufacturing, automotive design service, and automotive parts manufacturing.
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