The proposal on offer would allow Monterey’s relatively new management to extend the SPAC’s transaction deadline up to nine times by one month each up to April 5, 2024 by contributing $100,000 each month. Its existing deadline is coming up on July 5.
Back in March, Monterey’s initial sponsor transferred 478,125 promote shares to Chardan and 35,000 to each of three new Board nominees. A new team led by Chardan veterans Murat Omur and Sean McGann were then appointed as CEO and CFO, respectively.
The new pair of executives switched the SPAC’s focus from the biopharmaceutical space to disruptive technology targets and currently have about $20.4 million in its trust for the hunt after the SPAC experienced 82.4% redemptions in a September 2022 extension.