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Mintz Advises SPAC Monterey Capital Acquisition Corporation on Its $92 Million IPO

BOSTON – Mintz advised California-based clean energy Special Purpose Acquisition Company (SPAC), Monterey Capital Acquisition Corporation, on its $92 million initial public offering (IPO) and listing on the Nasdaq Global Market. EF Hutton, division of Benchmark Investments, LLC, acted as the sole book running manager for the offering.

Monterey Capital is a newly-formed blank check company, which will target the clean energy transition market by focusing on businesses that replace current, and dirty, energy transmissions with clean solutions. Monterey Capital units are listed on Nasdaq under the symbol MCACU.

Mintz’s Energy & Sustainability Team led for Monterey on the IPO, with Chair Tom Burton, Member Jeffrey Schultz, and Associates Mark Nguyen and Jeffrey Cohan all advising.

“The success of this listing goes to show that we are witnessing a sea change in new and emerging companies coming to market that view investing in sustainability and clean energy as an important priority for the future,” said Mr. Burton. “This is a particularly fantastic result for our client, especially set against the backdrop of a nervous market facing significant economic stress and difficulties.”

This is the second transaction in as many days that the Energy Team has completed. Mintz recently acted for BlueWave, a leading solar and energy storage developer, on its sale to Axium Infrastructure, an infrastructure investment management firm with a number of North American renewables portfolios. Mr. Burton also led this deal.

Mintz is a pioneering firm, recognized as an early adopter and at the forefront of SPAC transactions since the early 2000s. Having handled the first-ever New York Stock Exchange SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 60 SPAC and reverse merger transactions and worked on several recent SPACs for multi-billion-dollar value companies.

In addition, the firm continues its leadership role in the sustainability market. Mintz was also one of the first law firms to develop a practice focused on energy and sustainability innovation, and has been the leading law firm in the industry since the earliest days of this technology revolution. The Mintz Energy & Sustainability Practice now serves more than 250 clients, spanning the ecosystem from emerging companies to large corporations, private equity and venture capital funds, investment banks, project developers and project finance funds, and family offices.

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