Everest Consolidator Acquisition Corp (NYSE:MNTN) announced on Wednesday that its stockholders approved an extension to the deadline for completing a business combination. The special meeting held on August 28, 2024, resulted in an affirmative vote to extend the period by up to three additional months, now setting the new deadline to November 23, 2024.
The extension allows the company more time to finalize its business combination plans, which is crucial for maintaining its strategic direction and fulfilling its investment criteria. For each one-month extension, Everest Consolidator Acquisition Corp is required to deposit a sum into the trust account, calculated as the lesser of $150,000 or $0.030 per share for each outstanding share of the company's Class A common stock issued in the IPO, after accounting for share redemptions.
During the special meeting, stockholders also approved the third amendment to the Investment Management Trust Agreement with Equiniti Trust Company, LLC. This amendment is aligned with the extension of the combination period and sets the terms for additional deposits into the trust account.
Furthermore, the company filed an amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effectuate the approved changes.
As a result of the extension, stockholders holding approximately 61.5% of the public shares exercised their right to redeem their shares. This redemption will remove approximately $51.6 million from the company's trust account, equating to roughly $11.34 per public share. Following these redemptions, around 2,845,754 public shares will remain outstanding.
Everest Consolidator Acquisition Corp is a special purpose acquisition company categorized under the "blank checks" industry, with its primary business address in Newport Beach, California. The company is listed on the New York Stock Exchange under the ticker symbols MNTN (Class A common stock) and MNTN.WS (warrants).
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