| Schedule of reverse recapitalization |
The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statements of changes in stockholders’ deficit for the year ended December 31, 2024: | | | | | | | | Cash – MCAC’s trust and cash (net of redemption) | | $ | 38,441,920 | Less: transaction costs and advisory fees paid | | | (2,670,961) | Net Business Combination financing | | $ | 35,770,959 |
The number of shares of the Company’s common stock issued immediately following the consummation of the Business Combination were: | | | | | | | | Common stock, outstanding prior to Business Combination | | | 121,837 | Less: redemption of MCAC shares | | | (114,551) | Common stock of MCAC | | | 7,286 | MCAC founder shares | | | 71,875 | Rights issued to MCAC shareholders | | | 28,750 | Shares outstanding in connection with forward purchase agreement | | | 101,515 | Business Combination and forward purchase agreement financing shares | | | 209,425 | Legacy ConnectM shares | | | 450,702 | Total shares of common stock immediately after Business Combination | | | 660,127 | Issuance of shares of common stock after Business Combination | | | 249,039 | Total shares of common stock at December 31, 2024 | | | 909,165 |
| | | | | | | | | | | | | | | | | | | | Legacy | | | | | | | ConnectM | | | | | | | shares, | | | Legacy | | effected for | | | ConnectM | | Exchange | | | shares | | Ratio | Recapitalization applied to common stock outstanding at December 31, 2022 | | | 1,588,141 | | | 164,831 | Issuance of Old ConnectM shares prior to closing of Business Combination | | | 5,000 | | | 519 | Conversion of convertible notes payable to common stock prior to Business Combination | | | 321,428 | | | 33,362 | Recapitalization applied to Series Seed preferred stock outstanding at December 31, 2022 | | | 644,030 | | | 66,846 | Recapitalization applied to Series Seed-1 preferred stock outstanding at December 31, 2022 | | | 91,120 | | | 9,458 | Recapitalization applied to Series A-1 preferred stock outstanding at December 31, 2022 | | | 743,068 | | | 77,126 | Recapitalization applied to Series B-1 preferred stock outstanding at December 31, 2022 | | | 649,843 | | | 67,449 | Recapitalization applied to Series B-2 preferred stock outstanding at December 31, 2022 | | | 299,730 | | | 31,110 | | | | | | | 450,702 |
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