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Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) announced on April 21, 2022, that it received a notification from Nasdaq regarding non-compliance with listing requirements due to the late filing of its Annual Report on Form 10-K for the year ended December 31, 2021. The Notification, dated April 19, 2022, provides ACAH with 60 days to submit a compliance plan unless the 10-K is filed by June 20, 2022. ACAH filed the 10-K on April 20, 2022, which alleviates the immediate compliance issue.
Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) has mutually agreed to terminate its business combination agreement with Essentium, Inc., a leader in industrial additive manufacturing. The focus now shifts to finding a new business combination. Atlantic Coastal retains rights to future payments from Essentium, including a warrant to acquire a 5% stake at a valuation of $500 million if certain conditions are met. CEO Shahraab Ahmad emphasizes the goal to maximize shareholder value through future opportunities within the mobility sector.
Essentium, Inc. announced its planned business combination with Atlantic Coastal Acquisition Corporation (NASDAQ: ACAH) during CES 2022. Dr. Elisa Teipel, Chief Development Officer, highlighted the limitless potential of industrial additive manufacturing in consumer electronics, emphasizing reduced lead times and decreased production costs. Essentium's High Speed Extrusion (HSE™) 3D Printing Platform aims to revolutionize manufacturing by enabling faster production and single-part assemblies. The company is AS9100D certified and ITAR registered, further emphasizing its reliability and commitment to advanced manufacturing.