On January 3, 2023, ConnectM signed a definitive business combination agreement with Monterey Capital Acquisition Corporation (Nasdaq: MCAC), a special purpose acquisition company, that will result in a newly combined company (the “Merger”) to be publicly listed if such transaction is consummated.

Under the terms of the transaction, MCAC has agreed to acquire ConnectM at an implied pre-money equity valuation of $145 million, subject to an upward adjustment depending on the extent to which MCAC’s transaction expenses exceed $8.0 million. MCAC holds approximately $93.0 million of cash in its trust, subject to potential redemptions by MCAC’s existing stockholders. As part of the Merger, the outstanding equity of ConnectM will be converted into equity of MCAC

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