Atlantic Coastal Acquisition Corp. II Enters into Forward Purchase Agreement with Abpro Corporation

Atlantic Coastal Acquisition Corp. II (NASDAQ: ACABU) has recently announced the signing of a Confirmation of an OTC Equity Prepaid Forward Transaction, referred to as the “Forward Purchase Agreement,” with Abpro Corporation. The agreement involves YA II PN, LTD. as the Seller, facilitating the potential purchase of up to 500,000 Shares under specific conditions.

The Forward Purchase Agreement outlines that YA II PN, LTD. will have the option to purchase Shares from third parties through a broker in the open market, subject to certain limitations that prevent the Seller’s ownership from exceeding 9.9% unless waived. The Seller will be paid a Prepayment Amount, determined by the Number of Shares and the Initial Price, directly from Atlantic Coastal Acquisition Corp. II.

Moreover, the Reset Price, initially set at $10.00, will be subject to periodic adjustments and resets to align with the share price performance post the Closing Date. The Seller retains the right to terminate the Transaction partially or fully and will pay the Counterparty the corresponding amount based on the Terminated Shares.

The Forward Purchase Agreement has been structured to comply with all tender offer regulations applicable to the Business Combination and is a strategic move in preparation for the Proposed Transactions.

In a related event, holders of ACAB Public Shares have chosen to redeem approximately 80.55% of shares, indicating a per-share redemption price estimate of about $11.28.

Investors and interested parties are encouraged to review the detailed Forward Purchase Agreement included in the Form 8-K filing by Atlantic Coastal Acquisition Corp. II dated November 7, 2024, for comprehensive information on the agreement and its implications.

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

About Atlantic Coastal Acquisition Corp. II

Atlantic Coastal Acquisition Corp. II does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses in financial services industry and mobility sector.