Mountain Crest Acquisition Corp. V, a shell company focused on business combinations, reported its financial results for the period ending September 30, 2024. The company has not commenced any operations since its inception on April 8, 2021, and has not generated any revenue.
As of September 30, 2024, Mountain Crest held $46,054 in cash outside its Trust Account, a significant increase from $16,089 at the end of 2023. The total assets rose to $6,074,183 from $5,629,484 in the previous fiscal period, primarily due to an increase in investments held in the Trust Account, which grew to $5,994,370 from $5,613,395. The company’s common stock outstanding increased to 2,800,900 shares from 2,650,900 shares at the end of 2023.
The company reported a net loss of $130,870 for the three months ended September 30, 2024, a substantial decrease from a net loss of $1,932,911 in the same period of 2023. For the nine months ended September 30, 2024, the net loss was $220,998, down from $2,182,359 in the prior year. General and administrative expenses significantly decreased to $202,182 for the three months ended September 30, 2024, compared to $1,988,611 in the same period of 2023. Interest income from investments in the Trust Account also increased slightly to $76,529 from $71,564 year-over-year.
The company has faced compliance challenges with Nasdaq, including a notice for failing to meet the market value of publicly held shares requirement. However, it regained compliance by June 5, 2024, and confirmed compliance with Nasdaq's Listing Rule on October 30, 2024. The company extended its business combination deadline to November 16, 2025, following stockholder approval.
In terms of strategic developments, Mountain Crest entered into a Business Combination Agreement with CUBEBIO Co., Ltd. on August 29, 2024. The merger is expected to close by May 15, 2025, with each SPAC share converting into one PubCo ordinary share. The company has also issued several unsecured promissory notes to its Sponsor, totaling $300,000 outstanding as of September 30, 2024.
Overall, Mountain Crest Acquisition Corp. V has made significant progress in reducing its losses and improving its financial position while navigating compliance issues and preparing for a potential business combination.
About Mountain Crest Acquisition Corp. V
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