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Mountain Crest III (NASDAQ:MCAE) shareholders have permitted the SPAC’s deliberate merger with Chinese language digital healthcare group ETAO Worldwide (ETAO).
Mountain Crest disclosed outcomes of the vote in a submitting. Shareholders additionally voted to redomicile the mixed firm within the Cayman Islands.
ETAO and Mountain Crest introduced the merger in January 2022, with the deal estimating the enterprise worth at round $2.5B. In June, Mountain Crest stated that it had lowered ETAO’s valuation to $1B as a result of unfavorable market circumstances.
In a submitting dated Feb. 3, Mountain Crest stated that shareholders had requested redemption for 1,511,340 shares, leaving 85,366 unredeemed. The SPAC’s shares plunged 32% on Tuesday, closing at $6.90. The shares just lately modified arms at $6.74, down 2% from Tuesday’s shut, at round 11:30 a.m. ET.
Shares of the mixed firm are anticipated to commerce on NYSE underneath the image ETAO after the closing. Mountain Crest III went public in Could 2021, elevating $50M.
Mountain Crest III is a part of a collection of blank-check corporations. Mountain Crest I took Playboy (PLBY) public in February 2021, whereas sibling Mountain Crest II merged with Higher Therapeutics (BTTX) in October 2021. Mountain Crest IV (MCAF) is slated to mix with Chinese language EV producer CH-AUTO, with Mountain Crest V (MCAG) planning to merge with oncology drug developer AUM Biosciences.
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