Mountain Crest Acquisition Corp. II Announces Closing of Fully-Exercised Over-Allotment Option in Connection with Its Initial Public Offering

Rhea-AI Summary

On January 14, 2021, Mountain Crest Acquisition Corp. II (NASDAQ: MCADU) announced the full exercise of its underwriters' over-allotment option, resulting in the purchase of 750,000 units for $7.5 million. This brings the total number of units issued to 5,750,000, generating total gross proceeds of $57.5 million from the IPO.

Units began trading on NASDAQ on January 8, 2021, with separate listings for common stock (MCAD) and rights (MCADR) anticipated. The registration statement was declared effective by the SEC on January 7, 2021.

Positive

• Over-allotment option fully exercised, raising an additional $7.5 million.
• Total gross proceeds of $57.5 million enhance financial standing.
• Units began trading on NASDAQ, increasing market visibility.

Negative

• None.

New York, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. II (NASDAQ: MCADU, the “Company”) announced today that the underwriters in its initial public offering, pursuant to the terms of the underwriting agreement, fully exercised their over-allotment option and, on January 14, 2021, purchased 750,000 units, generating additional gross proceeds of $7,500,000.  Each unit consists of one share of common stock and one right to receive one-tenth of one share of common stock upon the consummation of an initial business combination.

The total aggregate issuance by the Company of 5,750,000 units at a price of $10.00 per unit resulted in total gross proceeds of $57,500,000. 

The units are listed on The NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “MCADU” on January 8, 2021. Once the securities comprising the units begin separate trading, the common stock and rights are expected to be listed on NASDAQ under the symbols “MCAD,” and “MCADR,” respectively.

Chardan acted as sole book running manager in the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 7, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Mountain Crest Acquisition Corp. II

Mountain Crest Acquisition Corp. II 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. Mountain Crest Acquisition Corp. II’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in North America.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:	Mountain Crest Acquisition Corp. II
	Dr. Suying Liu
	Chairman and CEO
	311 W 43rd St, 12th Fl, New York, NY 10036
	(646) 493-6558

FAQ

What is Mountain Crest Acquisition Corp. II's stock symbol?

The stock symbol for Mountain Crest Acquisition Corp. II is MCADU.

What are the expected separate trading symbols for the common stock and rights?

The common stock is expected to trade under the symbol MCAD, and the rights under MCADR.

What total gross proceeds were raised in Mountain Crest Acquisition Corp. II's IPO?

The total gross proceeds raised in the IPO amount to $57.5 million.

When did the units of Mountain Crest Acquisition Corp. II begin trading on NASDAQ?

The units began trading on NASDAQ on January 8, 2021.

What was the amount raised through the over-allotment option?

The over-allotment option raised an additional $7.5 million.