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Mountain Crest Acquisition Corp. V (MCAG0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the company has not yet commenced operations and is focused on identifying and evaluating potential business combination targets. The company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company completed its initial public offering on November 16, 2021, raising gross proceeds of $60,000,000 through the sale of 6,000,000 units at $10.00 per unit. Each unit consists of one share of common stock and one right to receive one-tenth of a share of common stock upon the consummation of an initial business combination.
As of December 31, 2024, the company had $1,157,312 held in a trust account, which is intended to be used for a business combination. The company has until November 16, 2025, to complete a business combination, subject to certain extensions.
The company reported a net loss of $374,454 for the year ended December 31, 2024, primarily due to general and administrative expenses. The company also reported interest income of $265,306 from investments held in the trust account.
The company has entered into a business combination agreement with CUBEBIO Co., Ltd., a Korea-based company, and plans to complete the transaction by May 15, 2025. The proposed business combination involves a merger and share swap, with CUBEBIO becoming a public company listed on The Nasdaq Stock Market.
The filing also details the company's compliance with Nasdaq listing requirements and its efforts to address deficiencies related to market value and publicly held shares. The company's securities were transferred from The Nasdaq Global Market to The Nasdaq Capital Market in October 2023.
Mountain Crest Acquisition Corp. V is an emerging growth company and has elected to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies.
The company has identified potential conflicts of interest involving its officers and directors, who may have pre-existing fiduciary duties or contractual obligations to other entities. The company has implemented measures to address these conflicts and ensure that business opportunities are presented to the company for consideration.
The company faces uncertainties related to its ability to complete a business combination within the specified timeframe, and there is substantial doubt about its ability to continue as a going concern if a business combination is not consummated.
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 annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.