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.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...