Monterey Innovation Acquisition Corp. *

Monterey Innovation Acquisition Corp. *

Sep 7, 2021 by Anthony Sozzi

EXTENSION – 7/10/23 – LINK

  • The SPAC approved the extension from July 5, 2023 to April 5, 2024.
    • 558,454 shares were redeemed for $10.835 per share.
    • $100K per month will be deposited into the trust account.

SUBSEQUENT EVENT – 3/10/23 – LINK

  • The SPAC announced a rebrand to Monterey Innovation Acquisition Corp., expanding its acquisition strategy to include a broader universe of disruptive technology targets, which is further enabled by key additions to the board of directors and changes to the Company’s management team.
    • NorthStar Bio Ventures, LLC and Chardan Monterey Investments LLC will be co-sponsors for the transaction

EXTENSION – 9/30/22 – LINK

  • The stockholders approved the proposal to extend the date by which it has to consummate a business combination for an additional 3 months, from October 5, 2022, to January 5, 2023, by depositing into the trust account $350,000 for the three-month extension, and thereafter to extend the Combination Period up to 6 times by an additional month each time (or up to July 5, 2023) by depositing into the trust account $120,000 for each additional month extension. 
  • In connection with the votes to approve the Extensions, the holders of 9,480,616 shares of common stock of the Company properly exercised their right to redeem their shares for cash at a redemption price of approximately $10.13 per share, for an aggregate redemption amount of approximately $96.1 million, leaving approximately $20.5 million in the trust account. 

MANAGEMENT & BOARD


Executive Officers

Sanjeev Satyal, 52 [Resigned 3/10/23]
Chief Executive Officer

From 2018 to February 2021, Dr. Satyal served as Chief Executive Officer of pH Pharma Co. Inc., a clinical-stage biopharmaceutical company focused on developing innovative healthcare products for unmet clinical and patient needs. From 2015 to February 2021, he has also served as Vice President of Research & Development at pH Pharma. Previously, Dr. Satyal served as Vice President, Biology at StemGuard Therapeutics, a biotech company focused on developing therapies for degenerative diseases. Prior to that he worked as a Director of Research at StemPar Sciences and as a Director of Cancer Biology at OncoMed Pharmaceuticals. Dr. Satyal was a postdoctoral fellow at Genentech. Dr. Satyal is the inventor of over 30 U.S. issued or pending patents, and their foreign counterparts, in various pharmaceutical areas and has also co-authored several scientific publications. Dr. Satyal earned a B.Sc. in Life Sciences at St. Xavier’s College, University of Bombay, an M.Sc. in Biotechnology at the University of Poona and a Ph.D. in Biochemistry at Northwestern University.


William McKeever, 66 [Resigned 3/10/23]
Chief Financial Officer and Director

Mr. McKeever has more than 20 years of experience in the healthcare industry encompassing various roles in equity research, portfolio management and investment banking. Since 2017, Mr. McKeever has worked as a consultant to various companies that are creating breakthrough technologies to treat diseases in the healthcare industry. From 2010 to 2016, Mr. McKeever was Managing Director of First Bridgehouse Securities, a boutique investment firm, where he was a consultant to early-stage companies across a broad range of sectors within the healthcare industry. Prior to that, Mr. McKeever was a sell-side equity analyst covering the managed care industry at firms including PaineWebber from 1997 to 2000 and UBS from 2000 to 2005. While at PaineWebber and UBS, he was a managing director and was ranked for several year as an All-American Analyst by Institutional Investor magazine based on its poll of analysts around the country. While at UBS, he was involved in several initial public offerings of managed care companies. From 2005 to 2009, From 2005 to 2009, Mr. McKeever was a Managing Director managing all health care investments including pharmaceuticals, medical devices, services and biotechnology in the Principal Credit Group (PCG) of Merrill Lynch. PCG was an internal fund that managed debt and equity investments in all sectors globally. Mr. McKeever earned his B.A. in Economics from Denison University and his M.B.A. in Finance from the Wharton School of the University of Pennsylvania.


Murat Omur, 45 [Appointed 3/10/23]
Chief Executive Officer

He has 15 years of investment banking experience in the healthcare mergers and acquisitions space Mr. Omur serves as Managing Director of Healthcare Investment Banking and Principal Investments at Chardan Capital Markets, since June 2019. Prior to joining Chardan, Mr. Omur was an Executive Director in Healthcare Investment Banking at Nomura Securities from October 2015 to April 2019. Prior to Nomura, he was a Director at Perella Weinberg Partners, focusing on mergers and acquisitions, including healthcare. Before joining Perella Weinberg, Mr. Omur worked in the mergers and acquisitions group of Merrill Lynch. Mr. Omur holds a Bachelor of Arts degree in International Relations and Sociology from Bo?aziçi University, a Master of Arts in International Relations from Johns Hopkins University, and a Masters of Business Administration in Finance from Columbia Business School.


Sean McGann, 37 [Appointed 3/10/23]
Chief Financial Officer and Director

He has over 15 years of investment banking and strategy experience. Mr. McGann is a Managing Director in the Principal Investments Group for Chardan Capital Markets, a position he has held since November 2020. Previously, Mr. McGann was at Citigroup from June 2013 to November 2020 where he was the Director of Product Strategy for the Corporate and Investment Bank and served as an Investment Banker covering clients in the Financial Technology and Asset Management sectors. He has also acted as an advisor to several special purpose acquisition companies, including Chardan NexTech Acquisition 2 Corp., CleanTech Acquisition Corp. and Ventoux CCM Corp. Mr. McGann holds a Masters of Business Administration in Finance from Georgetown University and a Bachelor of Science in Accounting from Boston College.


Board of Directors

Jonas Grossman, 47
Executive Chairman

Mr. Grossman has served as Managing Partner and Head of Capital Markets for Chardan, a New York headquartered broker/dealer, since December 2003, and has additionally served as President of Chardan since September 2015. Mr. Grossman has been a founder and member of the board of seven special purpose acquisition companies, of which on four he also has served as Chief Executive Officer and President. Since April 2020, Mr. Grossman has served as the President and Chief Executive Officer of Chardan Healthcare Acquisition 2 Corp. which announced its merger with Renovacor, Inc. in March 2021. He also served as President and Chief Executive Officer of Chardan Healthcare Acquisition Corp. from March 2018 until its merger in October 2019 with BiomX Ltd. (NYSE: PHGE). He is currently a director of BiomX. Mr. Grossman also serves as the President and Chief Executive Officer of Chardan NexTech Acquisition Corp. and Chardan NexTech Acquisition 2 Corp., each, a special purpose acquisition company. Mr. Grossman was a founder and director of LifeSci Acquisition Corp (Nasdaq: LSAC) from March 2020 until the close of its business combination with Vincera Pharma, Inc. in December 2020. He has served as a director of Ventoux CCM Acquisition Corp (Nasdaq: VTAQ) since December 2020 and CleanTech Acquisition Corp since July 2021. Previously, from 2001 to 2003, Mr. Grossman worked at Ramius Capital Group, LLC, a global multi-strategy hedge fund where he served as Vice President and Head Trader. Mr. Grossman holds a B.A. in Economics from Cornell University and an M.B.A. from New York University’s Stern School of Business. He has served on the board of directors for UNICEF since December 2016.


Sandip I. Patel, 54
Director

Mr. Patel has been an attorney and corporate business consultant at Sandip I. Patel, P.A., a law firm founded by Mr. Patel in 2000. Since 2017, Mr. Patel has also served as Chief Legal Counsel of Channel Investments, LLC, a medical device company. Mr. Patel has been involved in the formation, acquisition, development, growth, and liquidity events related to companies in the healthcare, insurance and financial services fields. Mr. Patel currently holds public and private investments in a wide range of industries with a focus on medical devices, biotechnology, healthcare services and related technologies, as well as FinTech and related services. Mr. Patel is also a co-founding shareholder of AtlasBanc, and was a co-founding shareholder, and board member of Anderen Bank. He served on the board of directors for Avatar Property and Casualty Insurance Company, a Florida-based homeowners insurance company. Mr. Patel was the Founder, President and Chief Executive Officer of the Orion group of companies, a full-service real estate development company. Previously, Mr. Patel served as Head of the New Business Development and M&A team to national health insurance companies. Mr. Patel oversaw all legal, regulatory and governmental affairs on behalf of WellCare, while serving as the General Counsel and a partner in the company. Since February 2021, Mr. Patel has served as a director of Quantum FinTech Acquisition Corporation, a special purpose acquisition company (NYSE: QFTA). Mr. Patel holds a J.D. degree from the Stetson University College of Law and a B.B.A. in Finance from the University of Georgia. We believe Mr. Patel is well qualified to serve as a director due to his substantial experience with public and private investments in a wide range of industries, including the financial services and technology industries, as well as his experience serving on the boards of financial services, insurance and other companies.


Frances K. Heller, 54
Director Nominee

For more than 25 years, Ms. Heller has been an executive and director in the pharmaceutical and biotech industries with expertise in business development, strategic transactions, and legal affairs. In this sector, Ms. Heller was most recently Senior Vice President of Business Development at Bristol-Myers Squibb and a Trustee of the Bristol-Myers Squibb Foundation, from 2012 to 2014. In 2015, Ms. Heller founded Good2Go, Inc., an IoT technology company, for which she currently serves as Chair and Chief Executive Officer. Ms. Heller is a member of the board of directors of Affinivax, a private early-stage vaccine company, the Co-Chair of Lava Maex, a non-profit clean water/mobile hygiene organization and is also on the board of advisers at Tulane University. She previously served as a board member of Zafgen, Inc. (Nasdaq: ZFGN) (currently Larimar Therapeutics, Inc.) from 2014 to 2017. She also previously served as Trustee of the Dana Farber Cancer Institute. Ms. Heller is a member of the California State Bar and is licensed by the U.S. Patent and Trademark Office. Ms. Heller holds a B.S. in Biology from Tulane University, an M.A. in Biology from American University and a J.D. degree from Golden Gate University. We believe Ms. Heller is well qualified to serve as a director due to her significant experience as an executive and director in the pharmaceutical and biotech industries and her expertise in business development and strategic transactions and related legal affairs.


James R. Neal, 65 [Appointed 3/10/23]
Director Nominee

Since 2016, Mr. Neal has served as Chief Executive Officer and director of Xoma Corporation (Nasdaq: XOMA), a biotech royalty aggregator, after having previously served as its Senior Vice President and Chief Operating Officer. He joined Xoma in 2009 as its Vice President, Business Development. Prior to joining Xoma, Mr. Neal was Acting Chief Executive Officer of Entelos, Inc. a leading bio-simulation company. Previously, in 2007, Entelos acquired Iconix Biosciences, a privately held company where Mr. Neal served as Chief Executive Officer and established multi-year collaborations with Bristol-Myers Squibb, Abbott Labs, Eli Lilly and the U.S. Food and Drug Administration. While Executive Vice President of Incyte Genomics from 1999 to 2002, he led the global commercial activities with pharmaceutical company collaborators and partners including Pfizer, Aventis and Schering-Plough, as well as sales, marketing and business development activities for the company. Previously, he was an executive with Monsanto Company in positions of increasing responsibility. Mr. Neal also serves as Chairman of the board of directors of Palisade Bio, a clinical-stage biopharmaceutical company. Mr. Neal earned his B.Sc. in Agriculture and his M.Sc. in Genetics and Plant Breeding, each from the University of Manitoba, Canada, and holds an Executive M.B.A. degree from Washington University in St. Louis, Missouri. We believe Mr. Neal is well qualified to serve as a director due to his significant executive leadership experience with biopharmaceutical companies, including more than 20 years of experience forming and maximizing business and technology collaborations globally and in bringing novel products and technologies to market.


Roderick Hardamon, 46 [Appointed 3/10/23]
Director Nominee

He has served as the Chief Executive Officer and Chief Strategist of URGE Imprint LLC, an integrated boutique management consulting firm since 2016, and as Chief Executive Officer of URGE Development Group LLC, a real estate development company since 2017. From August 2021 until October 2022, Mr. Hardamon served on the board of directors and on the audit committee for Dragonfly Energy Holdings Corp. (formerly, Chardan NexTech Acquisition 2 Corp.). Previously, he served as the North America Head & Global Head of Strategy for Citi Alternative Investment Services, and as Global Co-Head of Mergers and Acquisition (M&A) for Citi Markets & Banking. Mr. Hardamon has also served on the board of directors for the Boys and Girls Club of Southeastern Michigan and the Metro Detroit Black Business Alliance since 2020 and 2022, respectively. Mr. Hardamon earned a Bachelor of Arts degree in Philosophy and a Bachelor of Science degree in Accounting from Morehouse College.


Jory Des Jardins, 50 [Appointed 3/10/23]
Director Nominee

He has nearly 20 years of experience in corporate management, focusing in the tech and digital marketing space. Ms. Des Jardins serves as Fractional Executive and Advisor for Candor Partners, a startup advisory company, since February 2016, and served as a member of the board of directors of Dragonfly Energy Holdings Corp (formerly, Chardan NexTech Acquisition 2 Corp.) from August 2021 until October 2022. Previously, she served as Chief Marketing Officer for Countable, a digital community SaaS company, as well as Fractional Chief Marketing Officer for AboveBoard, an executive recruiting platform and Chief Marketing Officer for The @ Company, a privacy protocol company. From July 2019 to May 2020, Ms. Des Jardins served as Head of Global Startup Marketing for AWS, a cloud services company, and from June 2018 to July 2019, she served as Global Head of Community for ConsenSys, a Web3 Incubator. From June 2017 to June 2018, she was a Consumer Digital Partner for Tribal Ventures, and she served as SVP of Global Strategic Alliances for SheKnows Media between 2014 and 2016. She also served as the President of BlogHer, a media marketing platform she founded in March 2005 until November 2014. Ms. Des Jardins holds a Bachelor of Arts degree in English Literature from the University of Illinois, Urbana-Champaign.


Chris Coleman, 52
Director Nominee

He serves as the President of Liberty United DAO LLC, a blockchain company and has, since April 2020, served as a Principal and Founder for Dominus Group, LLC, an acquisition and due diligence consulting firm. Previously, Mr. Coleman served as the Chief Executive Officer of CMNS Systems LLC, a management consulting firm, from November 2020 until April 2022. Before that, he served as the Chief Executive Officer for LookingGlass Cyber Solutions, Inc., a commercial cyber security company, between 2013 and 2020.