M3-BRIGADE ACQUISITION III CORP. ANNOUNCES RECEIPT OF DEPOSIT PROCEEDS IN CONNECTION WITH EXTENSION OF TIME TO COMPLETE INITIAL BUSINESS COMBINATION

Rhea-AI Summary

M3-Brigade Acquisition III Corp. (NYSE: MBSC) announced on October 25, 2022, that its sponsor deposited $1,696,500 into its trust account to extend the period for completing an initial business combination until January 26, 2023. The trust account now holds approximately $305,088,901.38. The company aims to merge with businesses with an enterprise value of at least $1 billion, focusing on sectors impacted by COVID-19 or renewable energy.

Positive

• Received a deposit of $1,696,500 to support ongoing operations.
• Trust account balance now stands at approximately $305 million.
• Aiming for acquisitions with an enterprise value of at least $1 billion.

Negative

• None.

NEW YORK, Oct. 27, 2022 /PRNewswire/ -- M3-Brigade Acquisition III Corp. (NYSE: MBSC) (the "Company") announced today that, on October 25, 2022, its sponsor, M3-Brigade Sponsor III LP, or its affiliates or designees deposited $1,696,500 into the Company's trust account, in part from the Company's working capital, for the benefit of the Company's public stockholders, in connection with the extension of the period of time the Company has to consummate its initial business combination until January 26, 2023.  As of the date hereof, there is approximately $305,088,901.38 in the Company's trust account.

About M3-Brigade Acquisition III Corp.

M3-Brigade Acquisition III Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses. We intend to focus its efforts on seeking and consummating an initial business combination with a company that has an enterprise value of at least $1 billion, although a target entity with a smaller or larger enterprise value may be considered. While we may pursue an acquisition opportunity in any business industry or sector and in any geographic region, we expect to focus on businesses or companies which are based in North America and have been impacted by the COVID-19 pandemic or businesses in the renewable energy sector (or related products or services.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's search for an initial business combination target. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:

M3-Brigade Acquisition III Corp.
c/o M3 Partners, LP
1700 Broadway
19th Floor
New York, NY 10019
www.m3-brigade.com

Investor Relations
Kristin Celauro   (212) 202-2223

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SOURCE M3-Brigade Acquisition III Corp.

FAQ

What is the purpose of M3-Brigade Acquisition III Corp.'s recent deposit?

The deposit of $1,696,500 is intended to extend the deadline for completing an initial business combination until January 26, 2023.

How much money is currently in M3-Brigade Acquisition III Corp.'s trust account?

As of the announcement, there is approximately $305,088,901.38 in the trust account.

What types of businesses is M3-Brigade Acquisition III Corp. looking to merge with?

The company is focusing on businesses with an enterprise value of at least $1 billion, particularly in sectors affected by COVID-19 or in renewable energy.

When is the deadline for M3-Brigade Acquisition III Corp. to complete its initial business combination?

The new deadline to complete the initial business combination is January 26, 2023.

What is the significance of extending the time for an initial business combination for MBSC?

Extending the time allows MBSC to continue its search for a suitable merger partner, potentially enhancing shareholder value.