SPACInsider Logo
Monterey Bio Acquisition Corp. (MTRY) Sells Sponsor Shares and Rebrands
by Marlena Haddad on 2023-03-10 at 10:31am

Monterey Bio Acquisition Corp. (NASDAQ:MTRY) announced in an 8-K this morning that its co-sponsors, NorthStar Bio Ventures and Chardan Monterey Investments, entered into a share transfer agreement and will rebrand the company.

As part of the agreement, NorthStar transferred 478,125 shares of MTRY to Chardan for a purchase price of $0.006 per share, which is equal to the initial purchase price it paid for its founder shares.

The co-sponsors then entered into agreements with three new directors of Monterey Bio to transfer an aggregate of 35,000 founder shares to each director. Each of the newly appointed officers and directors has agreed to vote all of their shares of common stock, including any founder shares, in favor of a business combination, and waived certain conversion rights with respect to their founder shares.

As a result, Monterey Bio will undergo a change in management. Sanjeev Satyal tendered his resignation as CEO and will be replaced by Murat Omur, who brings 15 years of investment banking experience in the healthcare M&A space. Mr. Omur serves as Managing Director of Healthcare Investment Banking and Principal Investments at Chardan Capital Markets. Prior to joining Chardan, Mr. Omur was an Executive Director in Healthcare Investment Banking at Nomura Securities.

Additionally, William McKeever stepped down as CFO and director and is to be replaced by Sean McGann, who also brings over 15 years of investment banking and strategy experience. Mr. McGann is a Managing Director in the Principal Investments Group for Chardan Capital Markets, a position he has held since 2020. Previously, Mr. McGann was at Citigroup where he was the Director of Product Strategy for the Corporate and Investment Bank and served as an Investment Banker covering clients in the Financial Technology and Asset Management sectors.

Chris Coleman, Jory Des Jardins and Roderick Hardamon, were appointed as directors. Mr. Hardamon and Mr. Coleman were appointed to the audit committee of the company, and Mr. Hardamon was also designated as the “audit committee financial expert.” Jonas Grossman was appointed as Executive Chairman.

The SPAC announced the pricing of its $100 million IPO in September 2021 but has not yet found a target to combine with. It intends to partner with a biotech company, specifically within the oncology or immunology sector, that has demonstrated success and is primed to thrive in the rapidly evolving biotech industry.

By implementing these new key additions to the board of directors and management team, Monterey hopes to expand its acquisition strategy to include a broader universe of disruptive technology targets.

Recent Posts
by Marlena Haddad on 2023-03-20 at 4:27pm

Aimfinity Investment Corp. I (NASDAQ:AIMA) announced this afternoon that its sponsor entered into a repurchase agreement with previous directors and officers of the company and will undergo a change in management. On March 16, Aimfinity’s sponsor initiated a distribution of 300,000 founder shares and 492,000 private placement units to its existing members and entered into a repurchase...

by Marlena Haddad on 2023-03-20 at 12:50pm

AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...

by Marlena Haddad on 2023-03-20 at 11:33am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...

by Nicholas Alan Clayton on 2023-03-20 at 10:51am

Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...

by Nicholas Alan Clayton on 2023-03-20 at 7:15am

two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved