Atlantic Coastal Acquisition Corp. and Essentium Mutually Agree to Terminate Business Combination Agreement
February 11 2022 - 8:00AM
Business Wire
Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) (“Atlantic
Coastal”), a special purpose acquisition corporation focused on the
future of mobility, announced today that it has terminated its
previously announced business combination agreement with Essentium,
Inc. (“Essentium” or the “Company”), a leading innovator of
industrial additive manufacturing solutions, by mutual agreement of
all relevant parties. As a result, Atlantic Coastal will seek an
alternative business combination.
In connection with the agreement to terminate, the parties have
agreed that Atlantic Coastal will be granted the right to receive
payments in the future, subject to certain circumstances relating
to the consummation of future financing transactions by Essentium,
a sale of Essentium, or Atlantic Coastal’s inability to consummate
a business combination transaction. The parties have also agreed
that, in the event a sale of Essentium does not occur on or prior
to March 8, 2023, Essentium shall deliver a warrant to Atlantic
Coastal providing for the ability of Atlantic Coastal (or its
successors or assigns) to acquire a stake equal to five percent of
Essentium at an implied valuation equal to $500,000,000.
Shahraab Ahmad, Chairman and Chief Executive Officer of Atlantic
Coastal, said, “We wish Essentium well in their endeavors. Atlantic
Coastal will focus its efforts on identifying transformational
companies within the mobility space as we look toward maximizing
value for shareholders through our next proposed business
combination.”
Blake Teipel, Chief Executive Officer of Essentium, said, “We
appreciate the Atlantic Coastal team’s support and guidance
throughout this process, and we are disappointed that market
conditions prevented the parties from consummating this agreement.
We will continue to leverage the strength of our additive
manufacturing technology and product system validated by the
Department of Defense to continue to advance additive manufacturing
globally.”
About Atlantic Coastal Acquisition Corp.
Atlantic Coastal Acquisition Corp. (NASDAQ: ACAH) is a $345
million special purpose acquisition company focused on the future
of mobility. On March 8, 2021, Atlantic Coastal announced the
closing of its IPO and listing on Nasdaq. The Atlantic Coastal team
is led by Chairman and CEO Shahraab Ahmad, President and Director
Burt Jordan, and CSO Director Tony Eisenberg. For more information,
please visit www.atlanticcoastalacquisition.com.
About Essentium, Inc.
Essentium, Inc. provides industrial 3D printing solutions that
are disrupting traditional manufacturing processes by bringing
product strength and production speed together, at scale, with a
no-compromise engineering material set. Essentium manufactures and
delivers innovative industrial 3D printers, materials, software,
and services, enabling the world’s top manufacturers to bridge the
gap between 3D printing and machining and embrace the future of
advanced manufacturing. Essentium is AS9100D certified and ITAR
registered. For more information, visit www.essentium.com.
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Tony Eisenberg tony@atlanticcoastalacquisition.com
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