Atlantic Coastal Acquisition Corp. (ACAH) Extends with New Non-Redemption Agreement
by Nicholas Alan Clayton on 2023-03-03 at 7:30am

Atlantic Coastal (NASDAQ:ACAH) announced in an 8-K this morning that it inked new non-redemption agreements with investors as it secured an extension of its transaction deadline at a special meeting yesterday.

The SPAC’s deadline has now been pushed out to June 8 and it will have the ability to automatically extend its deadline three more times in one-month increments by contributing the lesser of $80,000 or $0.04 per share.

Atlantic Coastal noted ahead of the vote that it had reached non-redemption agreements with shareholders representing up to 200,000 shares, and it managed to boost this coverage to 2,368,264 shares. These investors will receive 355,240 promote shares in exchange, or roughly 1 new share for each 6.66 not redeemed.

Other shareholders nonetheless redeemed 30,967,389 shares, removing 89.7% of the funds from Atlantic Coastal’s trust at a rate of $10.14 per share.

Atlantic Coastal has been searching for a merger partner since its IPO in March 2021, and it did sign a definitive agreement to combine with additive manufacturing firm Essentium in December of that year. But, this deal was nixed three months later, owing to market conditions.

Atlantic Coastal Acquisition Corp. (ACAH) Extends with New Non-Redemption Agreement
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