Atlantic Coastal Acquisition II adjourned today's shareholder meeting until 9:30 a.m., Eastern time, on April 18. The SPAC seeks shareholder approval for a deadline extension from April 19 to Oct. 19.
The deadline for redemptions as well as redemption reversals has been extended to April 14.
Atlantic Coastal last week disclosed it had secured a non-redemption agreement with an investor for an unspecified number of shares — an effort to support the SPAC through the extension vote. In exchange for the non-redemption commitments, the investors would receive Series B common stock. The number of those shares was not specified in the regulatory filing.
The SPAC raised $200 million in a January 2022 ipo to pursue targets in the next-generation mobility sector. Read more.
Source: Atlantic Coastal II Adjourns Meeting w/o Extension Vote