In This Story
Mountain Crest Acquisition Corp. V (MCAG0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing provides a detailed account of the company's financial activities and position, including a net loss of $130,870 for the three months ended September 30, 2024. This loss is attributed to general and administrative expenses totaling $202,182, offset by interest income of $76,529 from investments held in the Trust Account.
As of September 30, 2024, the company reported $46,054 in cash held outside the Trust Account for working capital purposes. The Trust Account held $5,994,370, including interest income.
Mountain Crest Acquisition Corp. V has extended its deadline to complete a Business Combination to November 16, 2025, with periodic deposits to the Trust Account to facilitate this extension.
The company has entered into a Business Combination Agreement with CUBEBIO Co., Ltd., which involves a merger and share swap, with the closing expected no later than May 15, 2025.
The report details several promissory notes issued to the Sponsor for working capital purposes, including a $300,000 note issued on April 30, 2024, and a $500,000 note issued on August 14, 2024.
Recent developments include regaining compliance with Nasdaq (NDAQ+0.51%) listing rules and the approval of an amendment to extend the deadline for completing a Business Combination.
The company acknowledges the risks and uncertainties associated with its operations, including the potential impact of geopolitical conflicts and regulatory changes on its financial position and results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mountain Crest Acquisition Corp. V quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.