Monterey Capital Acquisition Corporation
MCACR
NASDAQ Global Market0.22
USD
+0.04
- -
CIK
0001895249
ISIN
US61244M1255
CUSIP
61244M125
Return %
Stock
S&P500
1Y
46.27
18.02
3Y
144.05
64.11
5Y
-38.66
72.15
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Bala Padmakumar
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 419 Webster Street Monterey CA United States of America 93940
- CIK
- 0001895249
- Website
- montereycap.com
- Similar Companies
- Business
- Monterey Capital Acquisition Corporation (NASDAQ: MCACR) is a blank check company, or special purpose acquisition company (SPAC), formed to effect a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, with a focus on the clean energy transition sector excluding China, Hong Kong, and Macau. Incorporated in 2021 and headquartered at 419 Webster Street, Monterey, California, the company raised net proceeds of $92.9 million in its initial public offering in May 2022, listing units on Nasdaq under MCACU and later separating Class A common stock (MCAC), warrants (MCACW), and rights (MCACR). It targets high-growth opportunities in clean transition technologies, including generation, storage, transport, chemistries, and semiconductors, leveraging its team's domain expertise and industry relationships. The company offers no operational products or services of its own, instead providing a public market vehicle through its sponsor's capital and structure for target companies seeking listings via de-SPAC transactions; its units comprise one Class A common share, one redeemable warrant exercisable at $11.50 per share, and one right to one-tenth of a Class A share upon business combination completion. Geographically, it pursues targets on a global basis while prioritizing non-restricted clean energy markets. In July 2024, Monterey Capital completed a reverse merger with ConnectM Technology Solutions Inc., a provider of AI-driven electrification solutions for residential, light commercial, and all-electric OEM markets through platforms Aurai (electrification and decarbonization) and Yantra (EV, micromobility, and fleet management), with ConnectM stockholders gaining approximately 58% ownership of the combined entity; post-merger, ConnectM began trading on Nasdaq Global Market under CNTM, marking Monterey's primary strategic consummation and shift from SPAC to operational energy technology platform. The business combination, initially announced in January 2023 with a $145 million pre-money equity valuation for ConnectM, was stockholder-approved on July 10, 2024, supported by $93 million in trust proceeds and lock-up agreements from key parties. This transaction followed Nasdaq noncompliance notices in 2023 for delayed 10-K filings and represented the SPAC's key evolution amid sector tailwinds in decarbonization.