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Atlantic Coastal corrects redemption price in filings

Published 09/11/2024, 08:14 am
ACABU
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Atlantic Coastal Acquisition Corp. II, a company focused on biological products and operating under the name 03 Life Sciences, has issued a correction regarding its recent 8-K filings with the Securities and Exchange Commission. The correction pertains to a typographical error related to the redemption price of shares in the context of its proposed business combination with Abpro Corporation.

In the filings dated November 8, 2024, the company clarified that the redemption price for shares of Series A common stock should be approximately $11.34 per share, instead of the previously stated $11.28. This update supersedes the prior information concerning the redemption price in the documents filed earlier on the same day.

Atlantic Coastal, which trades on The Nasdaq Stock Market LLC under the ticker symbols ACABU (units), ACAB (Series A common stock), and ACABW (warrants), is currently in the process of a business combination with Abpro. The definitive proxy statement/prospectus related to the business combination has been mailed to stockholders following the effectiveness of the Registration Statement on Form S-4 on October 18, 2024.

Stockholders and investors are advised to read the proxy statement/prospectus and other documents filed with the SEC carefully for more detailed information about the proposed transaction. The company has emphasized that the current report does not amend or update any other disclosures from the prior filings, except for the corrected redemption price.

Atlantic Coastal has reiterated that the current report should be read in conjunction with the previous filings and that the forward-looking statements included in the report are based on current expectations and assumptions, which are subject to risks and uncertainties that could cause actual results to differ materially.

The company has also stated that this report is not an offer to sell securities nor a solicitation of an offer to buy any securities. The information in the current report is based on a press release statement and is intended to provide stockholders with factual data regarding the ongoing business combination and should not be used for investment decisions.

In other recent news, Atlantic Coastal Acquisition Corp. II has been actively engaged in significant developments. The company has entered into a forward purchase agreement with YA II PN, LTD, as part of its business combination with Abpro Corporation. Atlantic Coastal has also inked a non-redemption agreement with Sandia Investment Management LP concerning the same business combination. The company's stockholders have approved the business combination, including the issuance of Series A common stock and the election of five directors to the board.

However, Atlantic Coastal faces potential delisting from Nasdaq due to compliance issues but is actively working towards regaining compliance following its proposed merger with Abpro. The company has extended the deadline for its business combination with Abpro and amended the agreement, leading to the issuance of shares to its sponsor, Atlantic Coastal Management II LLC. Additionally, Atlantic Coastal has entered into key agreements with Abpro Bio International Inc. and Celltrion, Inc., with both companies agreeing to purchase shares of Atlantic Coastal's Series A common stock. These are recent developments for Atlantic Coastal, which is actively engaged in significant developments to finalize its business combination with Abpro Corporation.

InvestingPro Insights

Recent data from InvestingPro sheds additional light on Atlantic Coastal Acquisition Corp. II's financial situation. The company's market capitalization stands at $82.33 million, reflecting its current valuation in the market. Notably, the stock has experienced a significant decline of 12.28% over the past week, which aligns with the recent filings and corrections made by the company.

InvestingPro Tips highlight some challenges facing the company. For instance, Atlantic Coastal is not profitable over the last twelve months, with an adjusted operating income of -$2.24 million. This financial performance is reflected in its negative P/E ratio of -72.11, indicating that the company is currently operating at a loss.

It's worth noting that InvestingPro offers additional insights, with 5 more tips available for Atlantic Coastal Acquisition Corp. II. These tips could provide valuable context for investors considering the ongoing business combination with Abpro Corporation and the recently corrected redemption price for shares.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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