Title: Mountain & Co. I Acquisition Corp. Shareholders Approve Extension Plans

In a recent development, Mountain & Co. I Acquisition Corp. (NASDAQ:MCAAU), a Cayman Islands-based special purpose acquisition company, has announced the outcomes of the extraordinary general meeting of shareholders held on November 8, 2024. The meeting was orchestrated to vote on various proposals, all of which garnered approval from its shareholders. Among these, the key proposals included the Extension Amendment Proposal, the Trust Agreement Amendment Proposal, and the Adjournment Proposal.

In the case of the Extension Amendment Proposal, Mountain & Co. was given the go-ahead to adjust its Amended and Restated Memorandum and Articles of Association to extend the deadline for completing a business combination. Originally set for November 9, 2024, this deadline has now been prolonged until May 9, 2025, as approved by the board of directors. This proposal received 8,717,767 votes in favour, while 3,425,066 votes were recorded against, with zero abstentions or broker non-votes.

To effectuate the amendments, the company also filed an amendment to its Articles with the Registrar of the Cayman Islands, reinforcing the Extension Amendment Proposal.

As for the Trust Agreement Amendment Proposal, the shareholders gave their consent to amend the company’s investment management trust agreement. This amendment permits the extension outlined in the Articles to take effect. Voting results for this proposal mirrored those of the Extension Amendment Proposal, with identical numbers in favour and against.

In the context of the Adjournment Proposal, Mountain & Co.’s shareholders agreed to adjourn the Extraordinary General Meeting to a later date or dates, if required, to facilitate further solicitation and votes of proxies. The voting facilitated a tally of 9,067,674 in favour, 2,950,159 against, and 125,000 abstentions, with no broker non-votes.

Further, the company agreed not to redeem an aggregate of 450,000 Class A ordinary shares, a move to circumvent a decrease in funds within the company’s Trust Account following the Meeting. The decision was reached via a Non-Redemption Agreement, which was signed with Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, and Meteora Select Trading Opportunities Master, LP. The agreement ensures that Mountain & Co. will pay Meteora $270,000 for refraining from exercising its redemption rights related to its Ordinary Shares.

Moreover, it was observed that holders of 7,907,175 Class A Ordinary Shares opted to redeem their shares for cash. The redemption price stands at around $11.78 per share, leading to an aggregate amount of approximately $93,147,425.21.

All these developments reflect Mountain & Co.’s strategic approach towards extending its timelines and fortifying its financial stability whilst advancing towards their future business combination.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mountain & Co. I Acquisition Corp.’s 8K filing here.

About Mountain & Co. I Acquisition Corp.

Mountain & Co I Acquisition Corp. does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities in consumer Internet and B2B digital infrastructure sectors.