MCAP Acquisition Corporation, a special purpose acquisition company sponsored by an affiliate of Monroe Capital, completed its business combination with AdTheorent Holding Company, a programmatic digital advertising company using advanced machine learning technology and privacy-forward solutions to deliver value for advertisers and marketers.
The business combination was approved by MCAP stockholders on Dec. 21. Beginning on Dec. 23, the combined company began trading under the name AdTheorent Holding Company. Its common stock will trade on Nasdaq under the ticker symbol “ADTH” and its warrants will trade on Nasdaq under the ticker symbol “ADTHW.”
“The completion of the business combination in today’s market was an incredible accomplishment,” Theodore L. Koenig, former CEO of MCAP, said. “This deal would not have happened without our team’s relationships within the IPO and PIPE investor community. The transaction is indicative of Monroe Capital’s franchise as a top-tier SPAC sponsor. Regardless of market conditions, Monroe Capital is able to leverage its investing platform and relationships to find exceptional companies with top management teams, with the goal of achieving exceptional long-term returns for stockholders. We look forward to continuing our position as a leading SPAC sponsor and searching for exceptional companies that can benefit from the Monroe Capital platform, including within Monroe’s relationships with the owners of the approximately 500 portfolio companies we are invested in. We are excited to continue the journey in partnering with rapidly growing, public ready companies in attractive industries.”
“We are excited to reach this historic milestone with the company and its management team,” Zia Uddin, former co-president of MCAP, said. “The work we have done to date positions AdTheorent for the next stage of its growth as a public company. We believe its machine learning approach to digital advertising utilizing its privacy-forward, data-agnostic model makes it the performance focused DSP in the market today. We are excited about growth in the future, such as the recent announcement that Q3 2021 CTV revenue was up over 300% from Q3 2020. We believe the company’s business model is well suited for a market that is becoming increasingly complex and customers that are becoming increasingly discerning. Once again, the Monroe SPAC team executed with precision to get to the finish line with an outstanding company.”
MCAP is the third SPAC in which affiliates of Monroe Capital acted as a sponsor or participated as a member in the sponsor group. In 2018, an affiliate of Monroe was a member of the sponsor group of Thunder Bridge Acquisition and supported its business combination with Repay Holdings. In 2019, an affiliate of Monroe was a member of the sponsor group of Thunder Bridge Acquisition II and supported its business combination with indie Semiconductor.
Greenberg Traurig and Nelson Mullins Riley & Scarborough served as legal advisors to MCAP and Paul Hastings served as legal advisor to AdTheorent. BofA Securities, Cowen and Company and Canaccord Genuity served as joint placement agents on the PIPE offering in connection with the business combination. Cowen and Company and BofA Securities served as financial advisors to MCAP and Canaccord Genuity served as financial advisor to AdTheorent.