MCAP (MACQ) Shareholders Approve AdTheorent Deal

MCAP Acquisition Corp. (NASDAQ:MACQ) announced this afternoon that its shareholders have approved its combination with digital advertising firm AdTheorent in a special meeting held earlier today.

Although MCAP did not disclose redemption numbers, the SPAC traded slightly above $10 throughout its redemption deadline December 17 and opened today at $10. MCAP listed just as the SPAC market began facing headwinds in April and previously traded below its trust value since late that month.

Earlier this month, MCAP announced that AdTheorent opted to waive its two minimum cash conditions as a part of their transaction. The parties initially agreed to a $140 million overall minimum cash threshold as well as a minimum of $258.1 million set to come from MCAP’s roughly $316 million trust,

The parties are expected to close the deal shortly and list the combined company on the Nasdaq.

MCAP initially announced the $775 million combination with AdTheorent on July 27.New York-based AdTheorent provides a digital ad platform for online and smart TV ad space that uses machine-learning tools rather than cookies to target users.

At the special meeting, at least 28,335,979 shares voted by proxy or in person, and each of the proposals was approved by the stockholders.  For a full list of tallies and descriptions, you may click here.

ADVISORS

• Canaccord Genuity acted as exclusive financial advisor to AdTheorent.
• Bank of America Securities, Cowen and Canaccord Genuity were engaged as PIPE placement agents.
• Greenberg Traurig and Nelson Mullins Riley & Scarborough are serving as legal advisors to MCAP.
• Paul Hastings and Kirkland & Ellis are serving as legal advisors to AdTheorent.