MCAP Acquisition Corp. (NASDAQ:MACQ) announced this afternoon that its shareholders have approved its combination with digital advertising firm AdTheorent in a special meeting held earlier today.
Although MCAP did not disclose redemption numbers, the SPAC traded slightly above $10 throughout its redemption deadline December 17 and opened today at $10. MCAP listed just as the SPAC market began facing headwinds in April and previously traded below its trust value since late that month.
Earlier this month, MCAP announced that AdTheorent opted to waive its two minimum cash conditions as a part of their transaction. The parties initially agreed to a $140 million overall minimum cash threshold as well as a minimum of $258.1 million set to come from MCAP’s roughly $316 million trust,
The parties are expected to close the deal shortly and list the combined company on the Nasdaq.
MCAP initially announced the $775 million combination with AdTheorent on July 27.New York-based AdTheorent provides a digital ad platform for online and smart TV ad space that uses machine-learning tools rather than cookies to target users.
At the special meeting, at least 28,335,979 shares voted by proxy or in person, and each of the proposals was approved by the stockholders. For a full list of tallies and descriptions, you may click here.
ADVISORS
- Canaccord Genuity acted as exclusive financial advisor to AdTheorent.
- Bank of America Securities, Cowen and Canaccord Genuity were engaged as PIPE placement agents.
- Greenberg Traurig and Nelson Mullins Riley & Scarborough are serving as legal advisors to MCAP.
- Paul Hastings and Kirkland & Ellis are serving as legal advisors to AdTheorent.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...