ACAB amends Abpro merger to issue 600,601 shares to sponsor in lieu of $2M cash payment

Abpro Holdings, Inc.

ACAB will issue 600,601 shares of Series A common stock to its sponsor Atlantic Coastal Management II LLC, replacing $2,000,000 of Unpaid SPAC Expenses.
The shares are issued under Regulation D as unregistered equity; surviving company must file a resale registration statement within 60 to 90 days after closing.
An additional 350,000 shares of Series A common stock will be issued to Pillsbury Winthrop Shaw Pittman LLP as service provider shares, also requiring registration.
Remaining Unpaid SPAC Expenses up to $600,000 due to sponsor will be paid in cash from the trust account or by the surviving company at closing.
The amendment modifies the Business Combination Agreement dated December 11, 2023, with no other changes to the original terms.

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