Monterey Capital Acquisition and ConnectM Technology Solutions, a vertically integrated clean energy technology and solutions provider for residential and light commercial buildings and all-electric OEMs, announced today a definitive merger agreement. ConnectM would have a pre-money equity valuation of $145 million.
If approved, upon closing ConnectM plans to list on the Nasdaq under the symbol CNTM.
The SPAC currently holds approximately $93 million in its trust. As part of the merger, the outstanding equity of ConnectM will be converted into equity of Monterey Capital.
The deal is expected to close in the second quarter.
Certain stockholders of both the SPAC and ConnectM have entered into agreements to vote in favor of the merger.
ConnectM has a current base of 22,000+ customers and 12 OEMs between its two platforms (Aurai and Yantra). Aurai is an integrated platform for electrification, decarbonization and energy efficiency and Yantra is ConnectM’s EV, micro mobility, and fleet management platform.
ConnectM employs a customer acquisition strategy blending all-digital marketing, white label OEM integration and acquisitions of complementary businesses with customer bases that present upsell opportunities. ConnectM was #772 in the INC 5000 list for 2021 and #20 in Energy overall. Read more.
Source: ConnectM Combining with Monterey Capital Acquisition in 5M Deal