Mountain & Co. I Acquisition Corp. (NASDAQ:MCAA) has officially terminated its business combination agreement with Futbol Club Barcelona, according to a recent SEC filing. The termination, which was mutually agreed upon, was disclosed in a Form 8-K filed on Tuesday, July 2, 2024, with the event originally taking place on Sunday, June 26, 2024.
As part of the termination agreement, both parties have released each other from any claims related to the business combination agreement, except those arising from potential fraud, willful and material breach, or any claims based on the termination agreement itself. The related Sponsor Support Agreement was also automatically terminated.
This decision follows the resignation of Miles Gilburne from the Board of Directors of Mountain & Co. I Acquisition Corp., which led to the company's non-compliance with Nasdaq Listing Rules that require a majority of the board to be independent directors and the Audit Committee to have at least three independent members. Mountain & Co. has notified Nasdaq of this non-compliance and is entitled to a cure period to regain compliance.
Mountain & Co. plans to focus on other near-term business opportunities and will seek alternative business combination opportunities following this termination. The company expressed confidence in its ability to meet Nasdaq's compliance standards within the given cure period.
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