Welcome to our dedicated page for Monterey Capital Acquisition Corporation news (Ticker: MCAC), a resource for investors and traders seeking the latest updates and insights on Monterey Capital Acquisition Corporation stock.
Monterey Capital Acquisition Corporation (MCAC) is a blank check company, listed on the Nasdaq under the symbol MCAC. Established with the purpose of executing a business combination, MCAC has raised net proceeds of $92,920,000 from its initial public offering in May 2022. The company is spearheaded by Chief Executive Officer and Chairman of the Board Bala Padmakumar, Executive Vice President and Director Vivek Soni, and Chief Financial Officer Daniel Davis.
On August 17, 2023, MCAC announced a three-month extension to finalize its business combination, extending the deadline from August 13, 2023, to November 13, 2023. This extension was facilitated by a deposit of $920,000 into the trust account for its public shareholders. This is the second and final extension allowed under the company's governing documents.
Earlier in the year, on January 3, 2023, MCAC signed a definitive business combination agreement with ConnectM Technology Solutions, Inc. (ConnectM), a leading clean energy technology and solutions provider. ConnectM specializes in providing integrated solutions for residential and light commercial buildings and all-electric Original Equipment Manufacturers (OEMs). The merger aims to create a newly combined entity that will be publicly listed, furthering MCAC's strategic goals.
MCAC's overall objective is to effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. With a focus on aligning with innovative and forward-thinking companies, MCAC is committed to leveraging its financial expertise and market position to create significant value for its shareholders.
For more updates and detailed information about Monterey Capital Acquisition Corporation, visit their official website at https://montereycap.com/.
ConnectM Technology Solutions, a company specializing in AI-driven electrified energy solutions, has completed its business combination with Monterey Capital Acquisition (MCAC). The merger was approved by MCAC's stockholders on July 10, 2024. Following the merger, ConnectM will trade on the Nasdaq Global Market under the ticker 'CNTM' starting July 15, 2024. Bhaskar Panigrahi will continue as CEO, and Bala Padmakumar, former CEO of MCAC, will join as Vice Chairman of ConnectM's board. This milestone aims to enhance ConnectM's position in the AI and electrified energy market, targeting long-term operational growth.
Monterey Capital Acquisition Corporation (MCAC) has received a Nasdaq notification regarding noncompliance with Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for fiscal year 2022. The company was given until June 20, 2023, to submit a compliance plan, and if accepted, could potentially extend compliance until October 16, 2023. MCAC filed the 10-K on April 20, 2023. The notification does not immediately affect MCAC's securities listing. Additionally, MCAC signed a merger agreement with ConnectM Technology Solutions, with plans for a registration statement to be filed with the SEC. The company raised net proceeds of $92.9 million during its IPO in May 2022. Stakeholders are advised to monitor the upcoming proxy statements and SEC filings related to the merger.
Playboy Enterprises announced its participation in NobleCon17 on January 19, 2021, where CEO Ben Kohn will present virtually at 3:00 PM EST. The event is free for attendees. Playboy is set to merge with Mountain Crest Acquisition Corp (Nasdaq: MCAC), a SPAC, to return to public markets. The merger aims to leverage Playboy's global lifestyle brand, generating over $3 billion in consumer spend. A video of the presentation will be available next month on Channelchek. Important information regarding the merger will be filed with the SEC shortly.
Playboy Enterprises is expanding its global consumer products business into India through a partnership with Jay Jay Iconic Brands. This initiative aims to cater to the young Indian demographic's demand for streetwear, building on Playboy's success in other Asian markets. The first collection is set to launch in mid-2021 across e-commerce platforms, followed by retail expansion in 2022. The brand has a strong international portfolio, targeting Millennials and Gen-Z, while also engaging in other lifestyle categories such as beauty and wellness. This expansion reflects Playboy's broader strategy post-merger with Mountain Crest Acquisition Corp (Nasdaq: MCAC).
Playboy Enterprises announced its participation in the upcoming 2021 Annual ICR Conference, with CEO Ben Kohn presenting virtually on January 13, 2021, at 11:30 a.m. EST. The company aims to re-enter public markets through a merger with Mountain Crest Acquisition Corp (Nasdaq: MCAC). Playboy, a leading lifestyle brand, generates over $3 billion in global consumer spending across various categories such as Sexual Wellness and Gaming. Interested parties can register for the conference and access detailed information regarding the merger through the provided links.
Playboy Enterprises reported impressive financial results for the three and nine months ended September 30, 2020. The company's revenue surged 86% year-over-year in Q3 to $35.0 million, driven by a $15.1 million increase in Direct-to-Consumer and $2.0 million in Licensing revenue. Playboy's net income improved to $1.3 million from a loss of $3.4 million in Q3 2019, with Adjusted EBITDA rising 130% to $7.4 million. For the nine months, revenue grew 78% to $101.3 million, and net loss narrowed to $4.8 million. The company anticipates strong Q4 performance, expecting to meet or exceed full-year projections of $137 million in revenue and $28 million in Adjusted EBITDA.
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