ConnectM Technology Solutions Inc. executed a letter of intent to acquire Monterey Capital Acquisition Corporation (NasdaqGM:MCAC) from group of shareholders for approximately $150 million in a reverse merger transaction on October 11, 2022. ConnectM Technology Solutions Inc. signed a definitive merger agreement to acquire Monterey Capital Acquisition Corporation from group of shareholders for approximately $150 million in a reverse merger transaction on December 31, 2022. The Merger Consideration is 14.5 million shares of MCAC Common Stock, subject to an upward adjustment depending on the extent to which MCAC's transaction expenses exceed $8 million. Under the terms of the transaction, MCAC has agreed to acquire ConnectM at an implied pre-money equity valuation of $145 million. Upon closing of the transaction (the "Merger"), the newly combined company (the "Company") will operate under the name ConnectM Technology Solutions, Inc. and plans to list on Nasdaq under the symbol CNTM. The transaction is subject to Nasdaq approval, receipt of the MCAC stockholder approval and ConnectM stockholder approval, review and approval by the U.S. Securities and Exchange Commission ("SEC") of the registration statement on Form S-4 to be filed with the SEC, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, MCAC having at least $5,000,001 of net tangible assets, the common stock of the combined company to be issued pursuant to the Merger Agreement being listed or having been approved for listing on Nasdaq and other customary closing conditions. The Merger has been approved unanimously by the boards of directions of both MCAC and ConnectM and is expected to close in the second quarter of 2023. As of April 21, 2023, Monterey Capital Acquisition Corporation announced that on April 19, 2023, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of it not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Nasdaq notification letter provides MCAC with 60 calendar days, or until June 20, 2023, to submit to Nasdaq a plan to regain compliance in accordance with Nasdaq's listing requirements. If MCAC's plan is accepted, Nasdaq may grant MCAC up to 180 calendar days, or until October 16, 2023, for MCAC to regain compliance. If Nasdaq does not accept MCAC's plan, MCAC will have the opportunity to appeal that decision to a Nasdaq Hearings Panel under Nasdaq Listing Rule 5815(a). The Nasdaq notification letter has no immediate effect on the listing of MCAC's securities on the Nasdaq Global Market. On December 21, 2023, Monterey Capital Acquisition filed with the U.S. Securities and Exchange Commission (?SEC?) of a registration statement on Form S-4. On June 24, 2024, ConnectM and Monterey Capital Acquisition Corporation Announced the Effectiveness of Registration Statement on Form S-4. Monterey Capital shareholders approved the transaction at special meeting held on July 10, 2024. The merger is expected to be completed during the second quarter of 2024.

EF Hutton, division of Benchmark Investments, LLC, is serving as capital markets advisor. Thomas R. Burton III, Jeffrey P. Schultz, Jeffrey D. Cohan and William S. Klein of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acting as legal counsels for MCAC and Andrew J. Merken and Robert A. Petitt of Burns & Levinson LLP acting as legal counsels for ConnectM. Monterey engaged Okapi Partners LLC to assist in the solicitation of proxies for the special meeting. Monterey has agreed to pay Okapi a fee of $25,000.

ConnectM Technology Solutions Inc. completed the acquisition of Monterey Capital Acquisition Corporation (NasdaqGM:MCAC) from group of shareholders in a reverse merger transaction on July 12, 2024. Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, and the legacy management team of ConnectM will continue to lead combined company. Bala Padmakumar, former Chairman and Chief Executive Officer of MCAC will assume an active role as the Vice Chairman of ConnectM's board. Beginning Monday, July 15, 2024, ConnectM's common stock will trade on the Nasdaq Global Market under the ticker symbol "CNTM." Polsinelli P.C. served as legal counsel to ConnectM in the transaction.