Atlantic Coastal Acquisition in a preliminary proxy filing indicates it will call a shareholder meeting to vote on extending the SPAC’s March 8 termination date to June 8. No other busines is scheduled to be conducted.
The SPAC further noted that its sponsor would sweeten the trust for each month of the extension, if approved, although an amount is not specified.
Atlantic Coastal last February terminated a proposed merger with Essentium, which makes industrial additive manufacturing solutions. The decision was mutual, the SPAC said. Essentium CEO Blake Teipel at the time blamed market conditions for the failed deal.
The SPAC raised $300 million in a March 2021 IPO with plans to focus on the next-gen mobility sector. Read more.
Source: Atlantic Coastal Acquisition Wants 3 More Months on the Termination Clock