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Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) is a special purpose acquisition company (SPAC) that focuses on transformative businesses within the mobility sector. Founded with an ESG-centric mandate, Atlantic Coastal seeks to identify and merge with companies that are poised to revolutionize global supply chains and manufacturing processes.
In its most prominent partnership to date, Atlantic Coastal entered into a definitive business combination agreement with Essentium, Inc., a leader in industrial additive manufacturing solutions. This merger aims to bolster sustainable manufacturing by reducing over 70% of waste compared to traditional methods, thus addressing critical global challenges like supply chain disruptions and carbon footprint.
Essentium boasts an impressive customer base that includes the U.S. Department of Defense and major corporations like Lockheed Martin and Ford. Their technologies include High-Speed Extrusion 3D Printing Platforms and a comprehensive IP portfolio with over 150 patents. The combined company is expected to be valued at $974 million with significant financial backing from investors like BASF and Atalaya Capital Management.
Despite the promising collaboration, the proposed merger faced termination due to market conditions. Atlantic Coastal, however, retains the right to receive future payments and a stake in Essentium under certain circumstances. The company continues its quest for a suitable business combination, with recent extensions and a focus on compliance with Nasdaq's listing requirements.
For more detailed updates, visit Atlantic Coastal Acquisition Corp. and Essentium, Inc.
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
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.
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