Energy transition-focused SPAC Monterey Capital Acquisition files for a $100 million IPO

Monterey Capital Acquisition, a blank check company targeting the clean transition economy, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

The company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. At the proposed deal size, Monterey Capital Acquisition would command a market value of $127 million.

The company is led by CEO and Chairman Bala Padmakumar, a partner at Advantary LLC, an advisor to the Asia practice of FocalPoint Partners LLC, and an advisor to the CEO of NTherma. He is joined by CFO Daniel Davis, who co-founded AngioWave Imaging and serves as the CFO of SeQure Dx, and EVP Vivek Soni, who currently serves as a member of cleantech fund Prithvi Ventures and climatech fund S CAP ClimateTech Opportunity Fund. The SPAC plans to target the clean transition economy, focusing on businesses that replace dirty carbon emission processes or enable a cleaner solution or process, with enterprise values between $250 million and $1 billion.

The Monterey, CA-based company was founded in 2021 and plans to list on the Nasdaq under the symbol MCACU. Monterey Capital Acquisition filed confidentially on January 20, 2022. EF Hutton is the sole bookrunner on the deal.