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InvestorNewsBreaks – Monterey Capital Acquisition Corporation (NASDAQ: MCACU) Announces $80M Initial Public Offering
May 13, 2022

InvestorNewsBreaks – Monterey Capital Acquisition Corporation (NASDAQ: MCACU) Announces $80M Initial Public Offering

Monterey Capital (NASDAQ: MCACU) recently announced the pricing of its initial public offering of 8,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Global Market and commenced trading under the ticker symbol MCACU on May 11, 2022. According to the announcement, each unit consists of one share of Class A common stock, one redeemable warrant and one right to receive one-tenth (1/10) of one share of Class A common stock upon consummation of the company’s initial business combination. Each warrant entitles the holder to purchase one share of Class A common stock, each at a price of $11.50. Once securities comprising the units begin separate trading, Class A common stock shares, warrants and rights are expected to be listed on Nasdaq under the symbols MCAC, MCACW and MCACR, respectively. EF Hutton, division of Benchmark Investments LLC, is acting as the sole book running manager for the offering. The company has granted the underwriter a 45-day option to purchase up to an additional 1,200,000 units at the initial public offering price to cover over-allotments, if any.

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About Monterey Capital Acquisition Corporation

The newly organized blank check company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While it may pursue an initial business combination target in any business, industry or geographical location, Monterey Capital intends to focus its search on businesses in the clean transition sector. The company is led by its CEO and Chairman of the Board Bala Padmakumar, Executive VP and Director Vivek Soni, and CFO Daniel Davis.

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