Mountain Crest Acquisition Corp. II Announces Pricing of $50 Million Initial Public Offering

Rhea-AI Summary

Mountain Crest Acquisition Corp. II (NASDAQ: MCADU) has announced the pricing of its initial public offering (IPO) at $10.00 per unit, totaling 5,000,000 units. The shares will begin trading on NASDAQ under the symbol "MCADU" starting January 8, 2021. Each unit comprises one share of common stock and a right to receive one-tenth of a share upon the completion of an initial business combination. The offering is projected to close on January 12, 2021, and the underwriters hold a 45-day option for an additional 750,000 units. The registration statement became effective on January 7, 2021.

Positive

• Initial public offering successfully priced at $10.00 per unit.
• 5,000,000 units are expected to provide capital for business combinations.
• Listing on NASDAQ (MCADU) enhances visibility and credibility.

Negative

• Potential dilution if underwriters exercise the option for 750,000 additional units.
• Risks associated with the successful consummation of the business combination are not guaranteed.

New York, Jan. 07, 2021 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. II (NASDAQ: MCADU, the “Company”) announced today that it priced its initial public offering of 5,000,000 units at $10.00 per unit. The units are expected to be listed on The NASDAQ Capital Market (“NASDAQ”) and trade under the ticker symbol “MCADU” beginning tomorrow, January 8, 2021. 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. 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.

The underwriters have been granted a 45-day option to purchase up to an additional 750,000 units offered by the Company to cover over-allotments, if any.

The offering is expected to close on January 12, 2021, subject to customary closing conditions.

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 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, including the successful consummation of the Company’s initial public offering, 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 IPO pricing and details?

Mountain Crest Acquisition Corp. II priced its IPO at $10.00 per unit for 5,000,000 units.

When will MCADU begin trading on NASDAQ?

MCADU is set to begin trading on NASDAQ starting January 8, 2021.

What is included in each unit of the offering?

Each unit consists of one share of common stock and a right to receive one-tenth of one share upon completing a business combination.

What risks are associated with Mountain Crest Acquisition Corp. II's IPO?

There are risks regarding the successful completion of the business combination and potential dilution from underwriters' options.

What is the significance of the registration statement becoming effective?

The effective registration statement allows Mountain Crest to proceed with its IPO and secure necessary funding.