Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Atlantic Coastal Acquisition Corp.: Amended certificate of incorporation to extend business combination deadline, allow Class B-to-Class A share conversion, and require 65% shareholder vote for certain charter amendments (effective 2023-03-02).
- Change
- charter amendment
- Effective
- 2023-03-02
Exact text from the filing
On March 2, 2023, the Company filed the amendment to its amended and restated certificate of incorporation (the “Amended Charter”) with the Secretary of State of the State of Delaware.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Atlantic Coastal Acquisition Corp. entered into Non-Redemption Agreements with several unaffiliated third parties valued at Sponsor agreed to transfer 355,240 shares to investors in exchange for them not redeeming 2,368,264 (effective 2023-02-28).
- Action
- entry
- Counterparty
- several unaffiliated third parties
- Value
- Sponsor agreed to transfer 355,240 shares to investors in exchange for them not redeeming 2,368,264
- Effective
- 2023-02-28
Exact text from the filing
Item 1.01 Entry into a Material Definitive Agreement. On or about February 28, 2023, Atlantic Coastal Acquisition Management LLC (the “Sponsor”), the sponsor of Atlantic Coastal Acquisition Corp. (the “Company”), entered into agreements (“Non-Redemption Agreements”) with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 2,368,264 shares (“Non-Redeemed Shares”) of the Company’s Class A common stock sold in its initial public offering (the “Public Shares”) at the special meeting called by the Company (the “Meeting”) to approve an extension of time for the Company to consummate an initial business combination (the “Charter Amendment Proposal”) from March 8, 2023 to June 8, 2023 (an “Extension”), subject to additional Extension(s) up to September 8, 2023 upon election by the Sponsor. In exchange for the foregoing commitments not to redeem such shares, the Sponsor has agreed to transfer to such investors an aggregate of 355,240 shares of the Comp
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Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Atlantic Coastal Acquisition Corp. shareholders approved Proposal No. 1 — The Charter Amendment Proposal — a proposal to amend the Company’s amended and restated certificate of incorporation to (a) extend the date by which the Company must consummate a business combination, (b) provide holders of Class B Common Stock the right to convert any and all their at the 2023-03-02 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-03-02
Exact text from the filing
On March 2, 2023, the Company held the Meeting. An aggregate of 36,834,661 shares of the Company’s common stock, which represents a quorum of the outstanding common stock entitled to vote as of the record date of February 1, 2023, were represented in person or by proxy at the Meeting. The Company’s stockholders voted on the following proposal at the Meeting, which was approved: (1) Proposal No. 1 — The Charter Amendment Proposal — a proposal to amend the Company’s amended and restated certificate of incorporation (the “Charter”) to (a) extend the date by which the Company must consummate a business combination, (b) provide holders of Class B Common Stock (as defined in the Charter) the right to convert any and all their Class B Common Stock into Class A common stock on a one-for-one basis prior to the closing of a business combination at the election of the holder and (c) provide that certain charter amendments can be effectuated with the affirmative vote of 65% of the shares of common
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