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united states

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 2, 2023

 

ATLANTIC COASTAL ACQUISITION CORP.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40158   85-4178663

(State or Other Jurisdiction of

Incorporation)

  (Commission File Number)   (I.R.S. Employer Identification
No.)

 

6 St Johns Lane, Floor 5

New York, NY

  10013
(Address of principal executive offices)   (Zip Code)

 

(248) 890-7200

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class  

Trading Symbol(s)

 

Name of Each Exchange

on
Which Registered

Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-third of one redeemable warrant   ACAHU   The Nasdaq Stock Market LLC
Shares of Class A common stock included as part of the units   ACAH   The Nasdaq Stock Market LLC
Warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50   ACAHW   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 1.01 Entry into a Definitive Material Agreement.

 

The disclosure contained in Item 2.03 is incorporated by reference in this Item 1.01.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On June 2, 2023, Atlantic Coastal Acquisition Corp. (the “Company”) issued a non-interest bearing, unsecured promissory note in the aggregate principal amount of $80,000 (the "Note") to Atlantic Coastal Acquisition Management LLC, the Company’s initial public offering sponsor (the “Sponsor”). The $80,000 was deposited into the Company’s trust account (the “Trust Account”) in order to extend the amount of time that the Company has available to complete a business combination (the “Business Combination Period”). Upon the closing of a business combination by the Company, the Sponsor may elect to either receive repayment under the Note or to convert all or a portion of the amount loaned under the Note into Class A common stock of the Company at a price equal to $10.00 per share. In the event that the Company does not complete a business combination, the amount loaned under the Note will be repaid to the Sponsor only from funds held outside the Trust Account or will be forfeited, eliminated, or otherwise forgiven. The Note is filed herewith as Exhibit 10.1 to this report on Form 8-K.

 

Item 8.01 Other Events.

 

On June 2, 2023, by resolution of the board of directors of the Company, the Company extended the expiration date of the Business Combination Period from June 8, 2023 to July 8, 2023. On June 6, 2023, the Company issued a press release announcing the extension. The press release is filed herewith as Exhibit 99.1 to this report on Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

  

(d) Exhibits

 

Exhibit No.   Description
10.1   Promissory Note dated June 2, 2023
99.1    Press Release dated June 6, 2023 
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURE

  

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

Dated: June 6, 2023

 

  ATLANTIC COASTAL ACQUISITION CORP.
     
     
  By: /s/ Shahraab Ahmad
    Shahraab Ahmad
    Chief Executive Officer

 

 

 

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