Atlantic Coastal Acquisition in an 8-K said it has cut a deal with one or more investors who've agreed to hold onto up to 200,000 shares through the upcoming shareholder meeting to vote on a deadline extension from March to June 8. The investors must hold the lesser of 200,000 shares or 9.9% of shares outstanding following the extension vote, which is set for March 2.
In return, the SPAC's sponsor will give the non-redeeming investors 30,000 Class B shares.
Atlantic Coastal a year ago terminated a proposed merger with Essentium, which makes industrial additive manufacturing solutions. The decision was mutual, the SPAC said at the time.
The SPAC raised $300 million in a Jaunary 2022 upsized IPO to seek a target in the next-generation mobility sector. Read more.
Source: Atlantic Coastal Acquisition Enters Non-Redemption Agreement for 200K Shares