Everest Consolidator Acquisition Corporation Confirms Sponsor’s Deposit of Funds to Extend Period to Consummate Initial Business Combination

Rhea-AI Summary

Everest Consolidator Acquisition Corporation (NYSE:MNTN) announced a deposit of $1,725,000 made by the Everest Consolidator Sponsor, LLC into its trust account on February 28, 2023. This deposit, amounting to $0.10 per public share, extends the company's timeline to finalize its initial business combination by three months to May 28, 2023. In return, the company issued 1,150,000 private placement warrants at $1.50 each. The Board of Directors approved this extension, which is the first of two possible extensions under the governing documents. Stockholders do not have voting rights or redemption options regarding this extension.

Positive

• Deposit of $1,725,000 provides liquidity to pursue business combinations.
• Three-month extension allows additional time to identify merger opportunities.
• Issuance of 1,150,000 private placement warrants could enhance financing options.

Negative

• None.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Everest Consolidator Acquisition Corporation (the “Company”), a special purpose acquisition company, confirms that on February 28, 2023, Everest Consolidator Sponsor, LLC (the “Sponsor”) deposited an aggregate of $1,725,000 into the Company’s trust account, representing $0.10 per public share (the “Deposit”). The Deposit enables the Company to extend the period of time it has to consummate its initial business combination by a period of three months from February 28, 2023 to May 28, 2023 (the “Extension”). In connection with the Deposit, the Company issued to the Sponsor 1,150,000 private placement warrants, at a rate of $1.50 per private placement warrant, with the same terms as the private placement warrants issued in connection with the closing of the Company’s initial public offering.

The Company’s Board of Directors approved the Extension on February 28, 2023. The Extension is the first of two three-month extensions permitted under the Company’s governing documents. The Company’s stockholders are not entitled to vote on or redeem their shares in connection with the Extension.

About Everest Consolidator Acquisition Corporation

The Company is a blank check company sponsored by an affiliate of Belay Associates, LLC and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Certain of these forward-looking statements can be identified by the use of words such as “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or other similar expressions. Such statements include statements regarding the timing of the consummation of an initial business combination. These statements are based on current expectations as of the date of this press release and are neither promises nor guarantees, but involve a number of risks and uncertainties that may cause actual results to differ significantly, including those factors set forth under the heading “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the SEC and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005512/en/

Investor:

Katherine Paulson

kpaulson@belayinvest.com

949-610-0835

Chris Sullivan

chris@macmillancom.com

212-473-4442

Source: Everest Consolidator Acquisition Corporation

FAQ

What is the significance of the $1,725,000 deposit announced by Everest Consolidator Acquisition Corporation?

The $1,725,000 deposit enhances liquidity, allowing the company to pursue potential business combinations and extend its deadline by three months.

How does the extension to May 28, 2023, impact investors in MNTN?

The extension allows Everest Consolidator Acquisition Corporation more time to finalize a merger or acquisition, which may positively influence investor confidence.

What are the terms of the private placement warrants issued by MNTN?

Everest Consolidator issued 1,150,000 private placement warrants at $1.50 each, providing potential financing for future business combinations.

Is there any voting required from stockholders regarding the extension announced on February 28, 2023?

No, stockholders are not entitled to vote or redeem their shares in connection with the extension.