Monterey Capital Acquisition Corporation
NASDAQ Global MarketCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Bala Padmakumar
- Full Time Employees
- 3
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 419 Webster Street Monterey CA United States of America 93940
- IPO Date
- Jul 1, 2022
- CIK
- 0001895249
- Website
- montereycap.com
- Similar Companies
- Business
- Monterey Capital Acquisition Corporation (NASDAQ: MCAC) is a blank check company, or special purpose acquisition company (SPAC), whose principal business activity is to effect a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company targets high-growth enterprises, with a strategic focus on enabling technologies in the clean energy transition sector, including generation, storage, transport, chemistries, and semiconductor technologies supporting decarbonization efforts. Incorporated in 2021 and headquartered at 419 Webster Street in Monterey, California, MCAC does not have significant independent operations but maintains approximately $77 million in its trust account following stockholder redemptions ahead of its de-SPAC transaction; it operates primarily in the United States with leadership from Chairman and CEO Bala Padmakumar, Executive Vice President Vivek Soni, and CFO Daniel Davis. In July 2024, MCAC completed its business combination with ConnectM Technology Solutions, Inc., a provider of AI-driven electrified energy management solutions for residential, commercial, fleet, and data center customers, following stockholder approval on July 10, 2024, and SEC registration effectiveness; the post-merger entity was renamed ConnectM Technology Solutions, Inc., with its common stock commencing trading on Nasdaq under the ticker CNTM on July 15, 2024, at an implied pre-money valuation of $145 million for ConnectM. This de-SPAC transaction represented MCAC's principal recent strategic shift, transitioning from a blank check vehicle to an operating company in the clean energy and AI electrification space, supported by its May 2022 initial public offering that raised net proceeds of $92.9 million through 9.2 million units at $10 each.
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