Monterey Innovation (NASDAQ:MTRY) announced that it has adjourned today’s extension vote without conducting any business and will reconvene it at 11 am ET July 3.
The proposal on offer would allow Monterey’s relatively new management to extend the SPAC’s transaction deadline up to nine times by one month each up to April 5, 2024 by contributing $100,000 each month. Its existing deadline is coming up on July 5.
Back in March, Monterey’s initial sponsor transferred 478,125 promote shares to Chardan and 35,000 to each of three new Board nominees. A new team led by Chardan veterans Murat Omur and Sean McGann were then appointed as CEO and CFO, respectively.
The new pair of executives switched the SPAC’s focus from the biopharmaceutical space to disruptive technology targets and currently have about $20.4 million in its trust for the hunt after the SPAC experienced 82.4% redemptions in a September 2022 extension.
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
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