Tue, May 14, 8:11 PM (221 days ago)
Monterey Capital Acquisition Corporation (MCAC) reported a net loss of $9.63 million for Q1 2024, driven by $860.8K in general and administrative expenses, a $224.7K income tax provision, and a $9.58 million loss on the change in fair value of the Forward Purchase Agreement liability. The company earned $1.03 million in dividend and interest income. As of March 31, 2024, MCAC had $80.7 million in marketable securities held in a Trust Account and cash of $3.7K. Current liabilities totaled $8.9 million, including accrued expenses and convertible notes. MCAC is extending its deadline to complete a business combination with ConnectM Technology Solutions, Inc. to November 13, 2024, contingent on monthly deposits into the Trust Account. The company faces substantial doubt about its ability to continue as a going concern if it fails to complete the business combination within the extended timeframe.