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Monterey Bio Acquisition Corp - MTRY

  • Commons

    $9.99

    +0.00%

    MTRY Vol: 0.0

  • Warrants

    $0.15

    +0.00%

    MTRYW Vol: 0.0

  • Units

    $10.09

    +0.00%

    MTRYU Vol: 0.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 143.3M
Average Volume: 106.8K
52W Range: $9.85 - $10.02
Weekly %: +0.00%
Monthly %: -0.30%
Inst Owners: 38

Info

Target: Searching
Days Since IPO: 233
Unit composition:
Each unit consists of one share of common stock, par value $0.0001, and one warrant, which we refer to throughout this prospectus as “warrants” or the “public warrants.” Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per whole share, subject to ad
Trust Size: 10000000.0M

🕵Stocktwit Mentions

Last10K posted at 2022-05-13T16:34:37Z

$MTRY just filed a 10-Q Quarterly Report with 35 sections and 4 exhibits. Access them all or just read their earnings: https://last10k.com/sec-filings/mtry/0001410578-22-001429.htm?utm_source=stocktwits&utm_medium=forum&utm_campaign=10KQ2040F&utm_term=mtry

Quantisnow posted at 2022-05-13T16:15:55Z

$MTRY 📜 SEC Form 10-Q filed by Monterey Bio Acquisition Corporation https://quantisnow.com/i/2884614?utm_source=stocktwits 45 seconds delayed.

risenhoover posted at 2022-05-13T16:15:45Z

$MTRY / Monterey Bio Acquisition files form 10-Q https://fintel.io/sf/us/mtry?utm_source=stocktwits.com&utm_medium=Referral&utm_campaign=filing

Newsfilter posted at 2022-05-13T16:15:09Z

$MTRY Form 10-Q (quarterly report [sections 13 or 15(d)]) filed with the SEC https://newsfilter.io/a/9ec7d1252240045c0c1d5581c30fc539

Management

Officers, Directors and Director Nominees,” “Management-Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Certain shares beneficially owned by our officers and directors will not participate in liquidation distributions and, therefore, our officers and directors may have a conflict of interest in determining whether a particular target business is appropriate for our initial business combination. Our officers and directors have waived their right to redeem any shares in connection with our initial business combination, or to receive distributions with respect to their founder shares upon our liquidation if we are unable to consummate our initial business combination. Accordingly, these securities will be worthless if we do not consummate our initial business combination. Any warrants they hold, like those held by the public, will also be worthless if we do not consummate an initial business combination. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our stockholders’ best interest. We may engage in our initial business combination with one or more target businesses that have relationships with entities that may be affiliated with our executive officers, directors or existing holders, which may raise potential conflicts of interest. In light of the involvement of our co-sponsors, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our co-sponsors, officers and directors. Our directors also serve as officers and board members for other entities. Our co-sponsors, officers and directors are not currently aware of any specific opportunities for us to consummate our initial business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning a business combination with any entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for our initial business combination and such transaction was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion in connection with such transaction from an independent investment banking firm, or another independent entity that commonly renders valuation opinions on the type of target business we seek to acquire, regarding the fairness to our stockholders from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our executive officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest. Our directors have a fiduciary duty to act in the best interests of our stockholders, whether or not a conflict of interest may exist. 37 We may acquire a target business through an Affiliated Joint Acquisition with one or more affiliates of Chardan. This may result in conflicts of interest as well as dilutive issuances of our securities. We may, at our option, pursue a business combination opportunity jointly with Chardan or one or more entities affiliated with Chardan, which we refer to as an “Affiliated Joint Acquisition.” We do not expect that we would pursue any such opportunity with an Affiliated SPAC. Any such parties would co-invest only if (i) permitted by applicable regulatory and other legal limitations; (ii) we and Chardan considered a transaction to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated Joint Acquisition may be effected through a co-investment with us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity or equity-linked securities. Accordingly, such persons or entities may have a conflict between their interests and ours. We may engage Chardan, an affiliate of Chardan Monterey, as our lead financial advisor on our business combination and a lead placement agent in connection with any associated private investment in public equity financing. Any fee in connection with such engagement may be conditioned upon the completion of such transactions. Prior to consummation of this offering, we will engage Chardan to act as our advisor in connection with the marketing of our business combination and we will agree to pay Chardan the Marketing Fee upon consummation of our business combination. In addition, upon the completion of this offering, we will grant to Chardan a right of first refusal to act as book running manager for our debt and equity offerings for a certain period of time. Financial interests in the completion of such transactions may influence the advice such affiliate provides. In the future, we may engage Chardan, an affiliate of Chardan Monterey as a financial advisor in connection with our initial business combination, and a lead placement agent in connection with any associated investment in public equity financing. In connection with such engagement, we may pay Chardan or any other affiliate a customary financial advisory fee in an amount that constitutes a market financial advisory fee for comparable transactions. Pursuant to any such engagement, the affiliate may earn its fee upon closing of the initial business combination. The payment of such fee would likely be conditioned upon the completion of the initial business combination. See “Underwriting (Conflicts of Interest)” for more information. Prior to consummation of this offering, we will engage Chardan to act as our advisor in connection with the marketing of our business combination and pay to Chardan a fee for such services upon consummation of our initial business combination as described under “Underwriting (Conflicts of Interest)—Business Combination Marketing Agreement.” Therefore, affiliates of Chardan Monterey will have additional financial interests in the completion of the initial business combination. The fact that the underwriter or its affiliates’ financial interests are tied to the consummation of a business combination transaction may give rise to potential conflicts of interest in providing any such additional services to us, including potential conflicts of interest in connection with the sourcing and consummation of an initial business combination. For instance, these financial interests may influence the advice any such affiliate provides us as our financial advisor, which advice would contribute to our decision on whether to pursue a business combination with any particular target. In addition, upon the completion of this offering, we will grant to Chardan a right of first refusal to act as book running manager for any and all of our future public and private equity and debt offerings for a period of 15 months from the closing of an initial business combination. 38 Because our co-sponsors will lose their entire initial investment in us if our initial business combination is not consummated and our officers and directors have significant financial interests in us, a conflict of interest may arise in determining whether a particular acquisition target is appropriate for our initial business combination. On September 18, 2020, Chardan Monterey purchased 5,000,000 shares of common stock from us for $25,000, or $0.005 per share. On May 20, 2021, Chardan Monterey transferred 687,500 founder shares back to us for no consideration, which shares were cancelled. On May 21, 2021, Chardan Monterey transferred 3,315,625 founder shares to NorthStar at a price of $0.006 per share. On May 21, 2021, NorthStar transferred 150,000 founder shares to Dr. Satyal, our chief executive officer, and transferred 35,000 founder shares to each of our directors and director nominees at a price of $0.006 per share. On September 1, 2021, NorthStar transferred 1,078,125 founder shares back to us and Chardan Monterey transferred 359,375 founder shares back to us, in each case for no consideration, which shares were cancelled. As a result, NorthStar holds a balance of 1,912,500 founder shares and Chardan Monterey holds a balance of 637,500 founder shares. The founder shares include an aggregate of up to 375,000 shares that are subject to forfeiture to the extent that the underwriters’ over-allotment option is not exercised in full or in part. The founder shares will be worthless if we do not consummate an initial business combination. In addition, NorthStar has committed to purchase from us 3,750,000 private warrants (or 4,087,500 private warrants if the over-allotment option is exercised in full) and Chardan Monterey has committed to purchase from us 1,250,000 private warrants (or 1,362,500 private warrants if the over-allotment option is exercised in full), in each case, at a price of $1.00 per warrant, for an aggregate purchase price of $5,000,000 (or $5,450,000 if the over-allotment option is exercised in full) in a private placement that will close simultaneously with the closing of this offering. The founder shares and private warrants will be worthless if we do not consummate an initial business combination. Members of our management team and board of directors have significant experience as founders, board members, officers or executives of other companies. As a result, certain of those persons have been, or may become, involved in proceedings, investigations and litigation relating to the business affairs of the companies with which they were, are, or may be in the future be, affiliated. These activities may have an adverse effect on us, which may impeded our ability to consummate an initial business combination. During the course of their careers, members of our management team and board of directors have had significant experience as founders, board members, officers or executives of other companies. As a result of their involvement and positions in these companies, certain of those persons , are now, or may in the future become, involved in litigation, investigations or other proceedings relating to the business affairs of such companies or transactions entered into by such companies. Any such litigation, investigations or other proceedings may divert the attention and resources of the members of both our management team and our board of directors away from identifying and selecting a target business or businesses for our initial business combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination. RISKS RELATING TO OUR SECURITIES The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes or reduce the value of the assets held in trust such that the per-share redemption amount received by public stockholders may be less than $10.10 per share. The net proceeds of this offering and certain proceeds from the sale of the private warrants, in the amount of $101,000,000, will be held in an interest-bearing trust account. The proceeds held in the trust account may only be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. While short-term U.S. treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event of very low or negative yields, the amount of interest income (which we may use to pay our taxes, if any) would be reduced. In the event that we are unable to complete our initial business combination, our public stockholders are entitled to receive their pro-rata share of the proceeds then held in the trust account, plus any interest income (less up to $100,000 of interest to pay dissolution expenses). If the balance of the trust account is reduced below $101,000,000 as a result of negative interest rates, the amount of funds in the trust account available for distribution to our public stockholders may be reduced below $10.10 per share. Our warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company. Our warrant agreement will provide that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 39 Notwithstanding the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern District of New York, or a foreign action, in the name of any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions, or an enforcement action, and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. The choice-of-forum provision in our warrant agreement may (1) result in increased costs for investors to bring a claim or (2) limit a warrant holder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors. We note that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. We may issue notes or other debt securities, or otherwise incur substantial debt, to complete our initial business combination, which may adversely affect our financial condition and thus negatively impact the value of our stockholders’ investment in us. Although we have no commitments as of the date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding debt, we may choose to incur substantial debt to complete our initial business combination. If we incur any indebtedness without a waiver from any lender of any right, title, interest or claim of any kind in or to any monies held in the trust account, the incurrence of debt could have a variety of negative effects, including: •default and foreclosure on our assets if our operating revenues after our initial business combination are insufficient to repay our debt obligations; •acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant; •our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; •our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; •our inability to pay dividends on our shares of common stock; •using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our shares of common stock if declared, expenses, capital expenditures, acquisitions and other general corporate purposes; 40 •limitations on our flexibility in planning for and reacting to changes in our business and i

Holder Stats

1 0
% of Shares Held by All Insider 17.05%
% of Shares Held by Institutions 77.13%
% of Float Held by Institutions 92.98%
Number of Institutions Holding Shares 38

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Saba Capital Income & Opportunities Fd 60261 2022-01-30 596583 0.42
RiverNorth Opportunities Fd 41578 2022-01-30 411622 0.29
Fidelity NASDAQ Composite Index Fund 13454 2022-02-27 133329 0.09
CrossingBridge Pre-Merger SPAC ETF 10000 2022-03-30 99600 0.07
AQR Funds-AQR Diversified Arbitrage Fd 8700 2021-12-30 85695 0.06
First Tr Exchange Traded Fd-First Trust Alternative Opportunities Fd 2256 2021-12-30 22221 0.02

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2022-05-16 Goldman Sachs Group Inc. 15,820 $160,000 0.0% 0 0.110%
2022-05-11 MMCAP International Inc. SPC 625,000 $6,230,000 0.4% +400.0% 4.348%
2022-05-10 Karpus Management Inc. 802,348 $7,990,000 0.2% -1.5% 5.582%
2022-05-06 Arena Investors LP 50,020 $500,000 0.3% 0 0.348%
2022-05-04 Wolverine Asset Management LLC 290,681 $2,900,000 0.0% +0.4% 2.021%
2022-04-27 Mizuho Securities USA LLC 178,156 $1,760,000 0.3% +1.2% 1.239%
2022-03-15 Beryl Capital Management LLC 196,991 $1,950,000 0.1% 0 1.370%
2022-03-03 Walleye Capital LLC 50,000 $490,000 0.0% 0 0.348%
2022-02-19 Walleye Trading LLC 30,000 $300,000 0.0% 0 0.209%
2022-02-16 Oaktree Capital Management LP 150,000 $1,480,000 0.0% 0 1.043%
2022-02-15 Saba Capital Management L.P. 917,843 $9,060,000 0.1% 0 6.385%
2022-02-15 Karpus Management Inc. 814,798 $8,029,999 0.2% 0 5.668%
2022-02-14 D. E. Shaw & Co. Inc. 532,712 $5,270,000 0.0% 0 3.706%
2022-02-14 TENOR CAPITAL MANAGEMENT Co. L.P. 250,000 $2,460,000 0.1% 0 1.739%
2022-02-14 Murchinson Ltd. 500,000 $4,930,000 0.5% 0 3.478%
2022-02-14 Radcliffe Capital Management L.P. 200,000 $1,980,000 0.1% 0 1.391%
2022-02-11 Geode Capital Management LLC 13,454 $130,000 0.0% 0 0.094%
2022-02-09 MMCAP International Inc. SPC 125,000 $1,230,000 0.1% 0 0.870%
2022-02-09 Wolverine Asset Management LLC 289,540 $2,850,000 0.0% 0 2.014%
2022-02-01 Landscape Capital Management L.L.C. 33,061 $330,000 0.0% 0 0.230%