UNITED STATES
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CURRENT REPORT
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Item 8.01. Other Events.
On November 7, 2023, Monterey Innovation Acquisition Corporation (the “Company”) announced that the Company’s co-sponsors, NorthStar Bio Ventures, LLC and Chardan Monterey Investments LLC, have indicated that they will not fund the monthly extension payment of $100,000 into the Trust Account, nor any future monthly extension payments pursuant to the terms of the Company’s amended and restated certificate of incorporation, as amended (the “Amended and Restated Certificate of Incorporation”), such that the period of time that the Company has to consummate a business combination would not be extended beyond November 5, 2023.
As the Company will not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, the Company will i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares (the “Redemption Amount”), which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and board of directors, dissolve and liquidate, subject in each case to its obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
As of the close of business on November 20, 2023 (the “Redemption Date”), the public shares will be deemed to no longer be outstanding and will represent only the right to receive the Redemption Amount for each such public share.
The Redemption Amount will be payable to the holders of the public shares upon presentation of their respective stock or unit certificates or other delivery of their shares or units to the Company’s transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of public shares held in “street name,” however, will not need to take any action in order to receive the Redemption Amount.
There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.
The Company expects that Nasdaq will file a Form 25 with the Securities and Exchange Commission (the “SEC”) to delist its units and Class A common stock. The Company thereafter expects to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Monterey Innovation Acquisition Corp. | |||
| By: | /s/ Murat Omur | ||
| Name: | Murat Omur | ||
| Title: | Chief Executive Officer | ||
Date: November 7, 2023