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Mountain Crest Acquisition Corp. III (MCAE) has successfully completed its merger with ETAO International Group (EIG), a digital healthcare provider in China. This transaction, approved by both parties' shareholders, will see ETAO commence trading on the Nasdaq under the ticker ETAO on February 21, 2023. EIG aims to enhance healthcare services using AI technology. The company's leadership will continue under CEO Wilson Liu and CFO David Muson. The merger signifies a strategic move to leverage advanced digital health solutions in the Chinese market.
ETAO International Group is set to go public through a merger with Mountain Crest Acquisition Corp. III, valuing ETAO at approximately $2.5 billion. The transaction could provide up to $304 million in cash, including a $250 million PIPE investment at $10 per share. Existing ETAO shareholders will roll over 100% of their equity into the combined company. This merger aims to enhance the delivery of digital healthcare services in China, leveraging AI and technology. The deal is expected to close in summer 2022, with trading under the ticker 'ETAO' on the NYSE.
Mountain Crest Acquisition Corp. III (NASDAQ: MCAEU) announced on June 16, 2021, that holders of its units can separately trade common stock and rights starting June 17, 2021. The common stock will trade under the symbol MCAE, and the rights will trade under MCAER, while the units will continue trading as MCAEU. This enables investors to recombine the common stock and rights back into units if desired. Mountain Crest focuses on merging with operating businesses primarily in North America.
Mountain Crest Acquisition Corp. III (NASDAQ: MCAEU) has successfully closed its initial public offering of 5,000,000 units at $10.00 each. Each unit consists of one share of common stock and one right to receive one-tenth of one share upon a future business combination. The units began trading on NASDAQ under the ticker symbol MCAEU from May 18, 2021. Additionally, the underwriters have a 45-day option for an extra 750,000 units to cover over-allotments. Chardan served as the sole book-running manager for the offering.
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