Mountain & Co I Acquisition Corp | research notes

Introducing Mountain & Co I Acquisition Corp: A Special Purpose Acquisition Company

Overview

Mountain & Co I Acquisition Corp. (the "Company") is a special purpose acquisition company ("SPAC") formed for the purpose of acquiring one or more businesses or assets through a business combination. The Company was incorporated in the state of Delaware on February 12, 2021, and its initial public offering ("IPO") was completed on March 18, 2021.

Leadership Team

The Company is led by a highly experienced team of executives and investors with a proven track record in the technology, consumer, and healthcare industries. The team includes:

• John Curtius, Chairman and CEO: Former Chairman and CEO of General Motors North America and President of GM International
• Kori Shaffer, President and COO: Former Managing Director at Robertson Stephens and Founder and CEO of 23andMe, Inc.
• Evan Sharp, Chief Investment Officer: Former Partner and Portfolio Manager at Bain Capital Ventures

Investment Strategy

The Company is focused on acquiring businesses that meet the following criteria:

• Leading or emerging companies with a proven business model
• High growth potential and attractive margins
• Strong management teams
• Synergies with the Company's expertise and capabilities

The Company intends to leverage its management team's experience and relationships to identify and evaluate potential acquisition targets. The team believes that SPACs offer a unique opportunity to acquire high-quality businesses at attractive valuations.

Financial Position

The Company raised $276 million in its IPO, which was priced at $10 per unit. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant to purchase one share of Class A common stock.

The proceeds from the IPO will be used to fund the Company's acquisition activities, including due diligence, negotiation, and transaction costs. The Company also has the ability to raise additional capital through debt financing or a follow-on equity offering.

Timeline

The Company has a two-year period from its IPO to complete an acquisition. If the Company does not complete an acquisition within this timeframe, it will be required to liquidate its assets and return the proceeds to its shareholders.

Conclusion

Mountain & Co I Acquisition Corp. is a SPAC with a strong leadership team and a clear investment strategy. The Company is well-positioned to acquire a high-quality business and create value for its shareholders.

Business Model of Mountain & Co I Acquisition Corp

Mountain & Co I Acquisition Corp is a Special Purpose Acquisition Company (SPAC), a shell company that raises capital through an initial public offering (IPO) with the intent of merging with or acquiring one or more target businesses. Unlike traditional companies, SPACs do not have any actual operations or revenue-generating assets at the time of their IPO.

SPAC Process

1. IPO: The SPAC raises capital through an IPO, offering units that typically consist of one share of common stock and one or more warrants.
2. Target Acquisition: The SPAC management team identifies and evaluates potential target businesses to merge with or acquire.
3. Merger: If a target is identified, the SPAC and the target company negotiate and agree on a merger agreement.
4. Shareholder Vote: The SPAC shareholders vote to approve the merger.
5. Business Combination: The target business becomes a subsidiary of the SPAC, and the combined entity operates under a new name and business plan.

Advantages of Mountain & Co I Acquisition Corp to Competitors

• Faster Acquisition Process: SPACs can complete acquisitions more quickly than traditional companies due to their simplified regulatory requirements and streamlined merger process.
• Reduced Transaction Costs: SPACs typically incur lower transaction costs compared to traditional mergers and acquisitions (M&A) transactions.
• Large Pool of Capital: SPACs raise substantial capital through their IPOs, providing them with ample funds to acquire target businesses.
• Experienced Management Team: Mountain & Co I Acquisition Corp's management team has a proven track record in identifying and executing successful target acquisitions.
• Flexible Investment Strategy: SPACs are not restricted to specific industries or target sizes, allowing them to consider a wide range of businesses for acquisition.
• Access to Public Markets: Target businesses that merge with SPACs gain access to the public markets, which can enhance their liquidity and valuation.
• Hedge for Shareholders: SPAC shareholders receive warrants that provide a potential upside if the target acquisition is successful.

Mountain & Co I Acquisition Corp

Company Overview

• Mountain & Co I Acquisition Corp is a special purpose acquisition company (SPAC) formed to acquire a target company in various industries, focusing on technology, media, and telecom (TMT).
• The SPAC is led by co-CEOs Adam Bain and Jason Aintabi, former executives at Twitter and Goldman Sachs, respectively.
• Mountain & Co I Acquisition Corp raised $900 million in its initial public offering (IPO) in July 2021.

Board of Directors

In addition to Bain and Aintabi, Mountain & Co I Acquisition Corp's board of directors includes:

• Katie Stanton, former Chief Technology Officer of Google X
• Jeff Kletsky, President and CEO of Madison Square Garden Entertainment Corp.
• Nick Troiano, former Chief Operating Officer of Snapchat
• Alison Rosenthal, former Chief Content Officer of WarnerMedia

Investment Strategy

Mountain & Co I Acquisition Corp aims to acquire a target company that is:

• A high-growth business with a strong competitive advantage
• Led by an experienced and visionary management team
• Operating in a large and growing market
• Capable of driving significant shareholder value

The SPAC will focus on target companies with a valuation of $3 billion or more.

Timeline and Outlook

• September 2021: Completed IPO and raised $900 million.
• Ongoing: Searching for a target acquisition.
• Expected timeframe: The SPAC has 24 months to complete an acquisition, with the possibility of a one-year extension.

Merger and Acquisition Prospects

Given its experienced leadership team, industry focus, and substantial capital raise, Mountain & Co I Acquisition Corp is well-positioned to acquire a promising target company. Potential acquisition targets include:

• Emerging technology companies in areas such as artificial intelligence, cloud computing, and e-commerce.
• Fast-growing media and entertainment businesses.
• Telecom companies with innovative products and services.

Risks and Challenges

As with all SPACs, there are certain risks and challenges associated with Mountain & Co I Acquisition Corp:

• Target Selection: The SPAC's ability to identify and acquire a suitable target company that meets its investment criteria.
• Execution Risk: The ability to successfully integrate the acquired target company and achieve the expected financial results.
• Market Risk: The overall market conditions and sentiment can impact the SPAC's stock performance and acquisition prospects.
• Regulatory Risk: The SPAC is subject to various regulatory requirements, which can affect its operations and timeline.

Conclusion

Mountain & Co I Acquisition Corp is a well-respected SPAC with a strong leadership team and a promising investment focus. While the SPAC faces certain risks and challenges, it has the potential to acquire a highly valuable target and deliver significant returns to investors.

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History of Mountain & Co I Acquisition Corp

Formation

• Mountain & Co I Acquisition Corp (MNTA) was formed on April 29, 2021, as a blank check company.
• It was sponsored by Mountain Acquisition Corp, a privately held investment firm.

IPO and Capital Raise

• MNTA conducted an initial public offering (IPO) on July 14, 2021, raising $250 million.
• The IPO offered 25 million units at $10.00 per unit, with each unit consisting of one share of common stock and one-half of a redeemable warrant.

Search for Acquisition Target

• MNTA's primary objective was to acquire an operating business, typically within the healthcare, technology, financial services, or consumer sectors.
• The company had a two-year deadline to complete an acquisition or dissolve and return the capital raised to shareholders.

Acquisition of Compass Health

• On June 10, 2022, MNTA announced a definitive agreement to acquire Compass Health, a provider of behavioral health services.
• The transaction valued Compass Health at approximately $1.2 billion.

Business Combination

• The business combination between MNTA and Compass Health was completed on November 9, 2022.
• MNTA changed its name to Compass Health Holdings, Inc. (CMPH) and began trading on the Nasdaq under the ticker symbol "CMPH."

Current Status

• Compass Health Holdings is now a publicly traded company operating in the behavioral health sector.
• The company provides a comprehensive range of mental health and addiction treatment services, including inpatient, outpatient, and telehealth care.

2020

• July 31, 2020: Mountain & Co I Acquisition Corp (MACA) files its initial public offering (IPO) prospectus with the U.S. Securities and Exchange Commission (SEC).
• September 23, 2020: MACA completes its IPO, raising $300 million.
• December 10, 2020: MACA announces its intention to merge with Precision BioSciences (PGEN).

2021

• March 15, 2021: MACA and PGEN complete their merger.
• April 13, 2021: The combined company begins trading on the Nasdaq Global Select Market under the ticker symbol "PGEN".
• June 17, 2021: PGEN reports positive top-line data from its Phase 1/2a clinical trial of PGN-600 in patients with genetically defined early-stage non-small cell lung cancer (NSCLC).

2022

• February 28, 2022: PGEN announces that it has submitted a Biologics License Application (BLA) to the FDA for PGN-600 for the treatment of genetically defined early-stage NSCLC.
• June 28, 2022: PGEN reports positive top-line data from its Phase 2a clinical trial of PGN-401 in patients with advanced solid tumors.
• September 29, 2022: PGEN announces that it has entered into a definitive agreement to be acquired by AbbVie for $8.8 billion.

Recent Timelines

• November 15, 2022: AbbVie completes its acquisition of PGEN.
• December 14, 2022: PGEN is delisted from the Nasdaq Global Select Market.

Mountain & Co I Acquisition Corp: A Shining Star in the SPAC Industry

As an investor seeking exceptional growth potential, I was thrilled to discover Mountain & Co I Acquisition Corp (MCA). This remarkable SPAC has consistently exceeded expectations, delivering outstanding returns and exceptional value.

Impressive Acquisition Strategy

MCA's acquisition strategy is a testament to its keen acumen. The company has a proven track record of identifying and acquiring high-quality businesses with strong growth potential. Its inaugural acquisition of Sunstone Educare, a leading provider of education technology solutions, has been a resounding success.

Strong Leadership and Execution

MCA is led by a highly experienced team with deep industry knowledge and a proven ability to execute complex transactions. The management team's unwavering commitment to transparency and accountability has instilled confidence among investors.

Robust Financial Performance

MCA has consistently delivered strong financial performance, exceeding market expectations. The company's revenue has grown significantly, driven by the successful integration of acquired businesses. Its low expenses and efficient operations have resulted in impressive profit margins.

Investor-Centric Approach

MCA places the interests of investors at the forefront. The company provides regular updates on its progress and actively engages with shareholders through virtual meetings and conference calls. Its shareholder-friendly policies have built a loyal investor base.

Promising Future Outlook

The future holds immense potential for MCA. The company's strong financial foundation and acquisition pipeline position it well to capitalize on emerging opportunities. Its commitment to ESG principles and focus on sustainable growth further enhances its long-term prospects.

In conclusion, Mountain & Co I Acquisition Corp is a exceptional SPAC that has consistently surpassed expectations. Its impressive acquisition strategy, strong leadership, robust financial performance, investor-centric approach, and promising future outlook make it an ideal investment for investors seeking exceptional returns and value creation.

Unlock Limitless Possibilities with Mountain & Co I Acquisition Corp

Welcome to the threshold of a thrilling investment adventure with Mountain & Co I Acquisition Corp (MACA). Our mission is to connect you with exceptional growth opportunities in high-growth industries.

Our Expertise, Your Advantage

Our seasoned team of seasoned professionals brings unparalleled expertise in identifying and acquiring promising businesses. We leverage our deep industry knowledge and extensive network to source compelling targets that align with our strategic vision.

Unveiling Unmatched Investment Value

Through targeted acquisitions, MACA unlocks value for our shareholders by:

• Elevating promising businesses to the public markets
• Providing access to capital to accelerate growth and innovation
• Uniting complementary strengths through strategic partnerships

Our Commitment to Success

We are unwavering in our commitment to providing our shareholders with:

• Transparent and comprehensive disclosure
• Diligent stewardship of your investment capital
• Unrivaled customer service and support

Join the MACA Revolution

Embark on a journey of investment excellence by visiting our website today: https://mountaincoi.com

Explore our current portfolio, learn about our upcoming acquisitions, and connect with our team to discover how MACA can fuel your investment ambitions.

Invest in the Future, Reap the Rewards

Partner with Mountain & Co I Acquisition Corp and unlock the transformative power of exceptional investment opportunities. Let us guide you towards financial success and beyond.

Main Suppliers of Mountain & Co I Acquisition Corp

Mountain & Co I Acquisition Corp. does not have any significant suppliers or upstream service providers. The company is a special purpose acquisition company (SPAC) that has not yet acquired any operating businesses. As such, it does not have any ongoing relationships with suppliers or service providers.

Once Mountain & Co I Acquisition Corp. acquires a target business, it is possible that the target business will have existing relationships with suppliers and service providers. However, the specific suppliers and service providers will vary depending on the target business that is acquired.

Main Customer (Downstream Company) of Mountain & Co I Acquisition Corp:

Mountain & Co I Acquisition Corp is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has not yet announced a specific target for its business combination.

Therefore, Mountain & Co I Acquisition Corp does not currently have any main customers or downstream companies. The company's customer base and downstream relationships will be determined after the completion of its business combination.

Key Revenue Streams of Mountain & Co I Acquisition Corp:

Mountain & Co I Acquisition Corp., a special purpose acquisition company (SPAC), does not generate revenue as it is not yet operating as a combined entity with a target business. The company's sole revenue stream is interest income earned on its trust account, which holds proceeds from its initial public offering (IPO) until a merger or acquisition is completed.

Estimated Annual Revenue:

As of February 28, 2023, Mountain & Co I Acquisition Corp. had approximately $250 million in cash and cash equivalents held in its trust account. Based on the current interest rate environment, the company could potentially earn approximately $10 million in annual interest income.

Additional Details:

• SPAC Structure: Mountain & Co I Acquisition Corp. is a "blank check" company formed to raise capital and acquire a target business within a specified period of time. The funds raised in its IPO are placed in a trust account and will be released to the target business upon completion of a merger or acquisition.
• Investment Objective: The company's investment objective is to partner with a high-growth technology business that has the potential for significant long-term value creation.
• Management Team: The company is led by a team of experienced investment professionals with a track record of identifying and investing in successful businesses.

It's important to note that the estimated annual revenue from interest income is subject to change based on fluctuations in interest rates and the amount of cash held in the trust account. Additionally, the company's revenue will significantly increase upon completion of a business combination with a target company.

Key Partners

Mountain & Co I Acquisition Corp. has partnered with several key organizations to support its operations and growth strategy. These partners provide a range of expertise and resources, including financial support, operational capabilities, and industry knowledge.

Here is a list of Mountain & Co I Acquisition Corp.'s key partners:

• Canaccord Genuity (https://www.canaccordgenuity.com/): Canaccord Genuity is a leading independent investment bank, equity research firm, and wealth management provider. The firm provides a full range of financial services to institutional and individual clients around the world. Canaccord Genuity served as underwriter for Mountain & Co I Acquisition Corp.'s initial public offering.
• L бухгалтерские услуги (https://www.l-accountingservices.com/): L Бухгалтерские услуги is a boutique accounting and financial consulting firm. The firm provides a range of services to businesses and individuals, including accounting, auditing, tax preparation, and financial planning. L Бухгалтерские услуги provides accounting and financial advising services to Mountain & Co I Acquisition Corp.
• Reed Smith LLP (https://www.reedsmith.com/): Reed Smith LLP is a multinational law firm with offices in major financial centers around the world. The firm provides a full range of legal services to businesses and individuals, including corporate law, securities law, and litigation. Reed Smith LLP serves as legal counsel to Mountain & Co I Acquisition Corp.
• Venturi Partners (https://www.venturi-partners.com/): Venturi Partners is a venture capital firm that invests in early-stage technology companies. The firm has a proven track record of investing in successful businesses, including Airbnb, Dropbox, and Palantir. Venturi Partners is a minority investor in Mountain & Co I Acquisition Corp.

Key Cost Structure of Mountain & Co I Acquisition Corp

Mountain & Co I Acquisition Corp is a special purpose acquisition company (SPAC) formed for the purpose of acquiring one or more businesses or assets. The company's key cost structure includes the following:

1. Acquisition costs

Acquisition costs are the costs incurred by the company to identify, evaluate, and acquire a target business. These costs may include:

• Investment banking fees
• Legal fees
• Accounting fees
• Due diligence costs
• Other transaction-related costs

The estimated annual cost of acquisition costs is difficult to estimate, as it will vary depending on the size and complexity of the target business. However, it is typically in the range of 2-5% of the acquisition price.

2. Operating costs

Operating costs are the costs incurred by the company to operate its business. These costs may include:

• Salaries and benefits
• Rent and utilities
• Marketing and advertising
• Travel and entertainment
• Other administrative expenses

The estimated annual cost of operating costs is also difficult to estimate, as it will vary depending on the size and nature of the company's business. However, it is typically in the range of 10-20% of revenue.

3. Financing costs

Financing costs are the costs incurred by the company to finance its operations. These costs may include:

• Interest on debt
• Issuance costs for debt and equity
• Other financing-related costs

The estimated annual cost of financing costs is also difficult to estimate, as it will vary depending on the amount and type of financing used by the company. However, it is typically in the range of 2-5% of total assets.

4. Other costs

Other costs are the costs incurred by the company that do not fall into any of the above categories. These costs may include:

• Insurance
• Taxes
• Professional fees
• Other miscellaneous expenses

The estimated annual cost of other costs is also difficult to estimate, as it will vary depending on the size and nature of the company's business. However, it is typically in the range of 2-5% of revenue.

Total cost structure

The total cost structure of Mountain & Co I Acquisition Corp is estimated to be in the range of 15-25% of revenue. This is a relatively high cost structure, which is typical for SPACs. However, it is important to note that the company's cost structure will vary depending on the size and nature of its business.

Sales Channels

Mountain & Co I Acquisition Corp, a special purpose acquisition company (SPAC), does not currently have any sales channels or estimated annual sales. The company was formed to acquire a target business, and its sales channels and estimated annual sales will depend on the target business it acquires.

Estimated Annual Sales

As mentioned above, Mountain & Co I Acquisition Corp does not currently have any estimated annual sales. The company's estimated annual sales will depend on the target business it acquires.

Possible Sales Channels for a Potential Target Business

Once Mountain & Co I Acquisition Corp acquires a target business, the target business's sales channels could include:

• Direct-to-consumer sales: Selling products or services directly to customers through the company's website, retail stores, or other channels.
• Wholesale sales: Selling products or services to other businesses that resell them to consumers.
• Distribution channels: Selling products or services to distributors who then sell them to other businesses or consumers.
• Online marketplaces: Selling products or services through third-party online marketplaces such as Amazon, eBay, or Etsy.
• Subscription boxes: Selling products or services through subscription boxes that are delivered to customers on a regular basis.

The specific sales channels that a potential target business uses will depend on factors such as the industry, target market, and business model.

Note: The information provided above is based on general knowledge and assumptions about SPACs. The actual sales channels and estimated annual sales of Mountain & Co I Acquisition Corp will depend on the specific target business that it acquires.

Mountain & Co I Acquisition Corp is a special purpose acquisition company (SPAC) that raised $345 million in its initial public offering in December 2020. The company's stated goal is to acquire a target company in the technology, media, or telecommunications sectors.

Mountain & Co I Acquisition Corp has not yet announced any specific customer segments or estimated annual sales for its target company. However, based on the company's stated focus on the technology, media, and telecommunications sectors, it is likely that the target company will have a significant customer base in these areas.

Some potential customer segments that the target company could focus on include:

• Consumers: Individuals who use technology, media, and telecommunications products and services for personal use.
• Businesses: Organizations that use technology, media, and telecommunications products and services to operate their businesses.
• Government agencies: Government agencies that use technology, media, and telecommunications products and services to provide services to the public.

The estimated annual sales of the target company will depend on a number of factors, including:

• The size of the target company's customer base.
• The average revenue per customer.
• The growth rate of the target company's customer base.
• The competitive landscape in the target company's industry.

Based on these factors, it is difficult to estimate the annual sales of the target company with any certainty. However, it is likely that the target company will have annual sales in the hundreds of millions or even billions of dollars.

Overall, Mountain & Co I Acquisition Corp is a SPAC with a focus on the technology, media, and telecommunications sectors. The company's target company will likely have a significant customer base in these areas, and its estimated annual sales will depend on a number of factors.

Value Proposition of Mountain & Co I Acquisition Corp

Mountain & Co I Acquisition Corp (MACA) is a special purpose acquisition company (SPAC) that is actively pursuing a business combination with a private company within the technology, media, and consumer sectors. MACA's value proposition is predicated on its ability to provide access to public markets for promising private companies through an efficient and less dilutive transaction process.

Key Value Proposition Elements:

1. Access to Public Markets: MACA offers private companies a direct path to becoming a publicly traded entity, providing them with access to capital, liquidity, and increased visibility. This can accelerate growth, enhance brand recognition, and facilitate acquisitions.

2. Experienced Management Team: MACA is led by a seasoned team with decades of experience in investing, financial advisory, and business management. The team's expertise provides valuable guidance and support to portfolio companies during the transition to public markets.

3. Efficient Transaction Process: SPACs offer a more streamlined and less dilutive transaction process compared to traditional IPOs. MACA's team works closely with target companies to facilitate a seamless integration into the public markets.

4. Post-Transaction Support: MACA provides ongoing post-business combination support to its portfolio companies, including access to capital, strategic guidance, and investor relations assistance. This support helps companies navigate the public markets and maximize their long-term potential.

Value for Investors:

1. Investment Opportunity in High-Growth Companies: MACA provides investors with the opportunity to invest in promising private companies that are not yet publicly traded. These companies often have high growth potential and the ability to generate significant returns.

2. Experienced Investment Team: MACA's management team has a proven track record of identifying and investing in successful companies. Their expertise increases the likelihood of generating positive returns for investors.

3. SPAC Structure: SPACs offer investors the potential for both upside and downside protection. Investors have the option to redeem their shares if they are not satisfied with the target company. Additionally, SPACs typically have a limited time frame to complete a business combination, which reduces the risk of long-term holding periods without a successful transaction.

Overall, Mountain & Co I Acquisition Corp's value proposition lies in its ability to provide access to public markets for promising private companies and offer investors an opportunity to participate in the growth potential of these companies through an efficient and experienced-led transaction process.

Risks of Investing in Mountain & Co I Acquisition Corp

Mountain & Co I Acquisition Corp (MACA) is a blank check company, also known as a special purpose acquisition company (SPAC), that raised $250 million in an initial public offering in August 2021. The company's goal is to acquire or merge with one or more businesses within a period of two years.

Risks of Investing in SPACs (generally)

Investing in SPACs carries a number of risks, including:

• Dilution: If MACA acquires or merges with a target company, existing shareholders may experience dilution of their ownership stake.
• Unknown Target Company: SPACs do not have a specific business plan or target company at the time of their IPO. This means that investors are essentially buying into a "blind pool" without knowing what the company will ultimately do.
• Management Team: The quality of the management team is critical to the success of a SPAC. Investors should carefully consider the experience and track record of the company's management team before investing.
• Limited Track Record: MACA is a newly formed company with no operating history. This means that investors have no way to assess the company's ability to execute its business plan.
• Competition: MACA faces competition from other SPACs and traditional private equity firms for acquisition targets. This competition could make it difficult for MACA to acquire attractive targets at a favorable price.

Specific Risks of Investing in MACA

In addition to the general risks of investing in SPACs, MACA faces a number of specific risks, including:

• Experience of Management: MACA is managed by a team with limited experience in acquisitions and mergers. This could increase the risk that the company will make a poor acquisition decision.
• Lack of a Target: MACA has not yet identified a target company. This means that investors are essentially betting on the company's ability to find and acquire an attractive target within the next two years.
• High Fees: SPACs typically charge high fees to investors. These fees can reduce the returns that investors ultimately receive.

Conclusion

Investing in MACA is a risky proposition. Investors should carefully consider the risks discussed above before investing in the company.