Monterey Capital Acquisition Corporation (MCAC) (hereinafter referred to as "MCAC"), announced today that on April 19, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the "2022 10-K") with the Securities and Exchange Commission ("SEC").
The Nasdaq notification letter provides MCAC with 60 calendar days, or until June 20, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq's listing requirements. If MCAC's plan is accepted, Nasdaq may grant MCAC up to 180 calendar days, or until October 16, 2023, for MCAC to regain compliance. If Nasdaq does not accept MCAC's plan, MCAC will have the opportunity to appeal that decision to a Nasdaq Hearings Panel under Nasdaq Listing Rule 5815(a). The Nasdaq notification letter has no immediate effect on the listing of MCAC's securities on the Nasdaq Global Market.
The Company filed the 2022 10-K on April 20, 2023.
As previously announced on January 3, 2023, MCAC signed a definitive business combination agreement with ConnectM Technology Solutions, Inc. ("ConnectM") (the "Merger") to be publicly listed if such transaction is consummated.