Mountain Crest Acquisition Corp. V, a shell company focused on business combinations, reported its financial results for the three months ended March 31, 2024. The company has not commenced any operations and generated no operating revenues during this period. As of March 31, 2024, Mountain Crest held $23,813 in cash and $5,738,912 in its Trust Account, reflecting an increase from $16,089 and $5,613,395, respectively, as of December 31, 2023.

Total assets rose to $5,867,130 from $5,629,484, while total liabilities increased to $3,610,591 from $3,347,408. The company reported a total stockholders’ deficit of $(3,428,411), compared to $(3,297,155) at the end of the previous fiscal year. General and administrative expenses significantly decreased to $83,769 from $218,230 year-over-year, contributing to a reduced loss from operations of $(83,769) compared to $(218,230) in the prior year. The net loss for the quarter was $(25,537), an improvement from $(43,336) in the same period of 2023.

The company’s effective tax rate for the quarter was 127.22%, a notable increase from 5,102.40% in the previous year, primarily due to the recognition of deferred tax assets. Interest income from Trust Account investments was $73,585, down from $217,397 in the prior year.

Mountain Crest has extended its deadline to complete a business combination to November 16, 2024, following stockholder approval. The company has been actively working to regain compliance with Nasdaq listing requirements, having transferred its listing from the Global Market to the Capital Market on October 27, 2023. As of March 31, 2024, the company received a third notice from Nasdaq regarding non-compliance with the Market Value of Publicly Held Shares requirement, with a deadline to regain compliance by December 26, 2023.

In terms of strategic developments, Mountain Crest entered into a Business Combination Agreement with CUBEBIO Co., Ltd. on August 29, 2024, involving a SPAC merger and share swap, with plans for the resulting entity's shares to be listed on Nasdaq. The total valuation for this business combination is set at $375 million, with a closing date no later than May 15, 2025.

The company has also issued several promissory notes to its Sponsor for working capital, with outstanding amounts of $390,000 as of March 31, 2024. Management has expressed substantial doubt about the company's ability to continue as a going concern if the business combination is not completed by the deadline.