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

Rhea-AI Summary

Mountain Crest Acquisition Corp. III (NASDAQ: MCAEU) has priced its initial public offering of 5,000,000 units at $10.00 each. Trading is set to commence on May 18, 2021, under the ticker symbol MCAEU. Each unit comprises one share of common stock and one right to receive an additional tenth of a share upon a business combination. An option for underwriters to purchase an additional 750,000 units is available. The offering is expected to close by May 20, 2021, pending customary conditions.

Positive

• Initial public offering priced at $10.00 per unit.
• Plans to trade on NASDAQ under the ticker MCAEU.
• Potential for additional 750,000 units to be sold through over-allotment.
• Closing of the offering expected shortly after pricing.

Negative

• None.

NEW YORK, May 17, 2021 /PRNewswire/ -- Mountain Crest Acquisition Corp. III (NASDAQ: MCAEU, 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 "MCAEU" beginning tomorrow, May 18, 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 "MCAE" and "MCAER", 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 May 20, 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 May 17, 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. III
Mountain Crest Acquisition Corp. III 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. III'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. III
Dr. Suying Liu
Chairman, CEO and CFO
311 W 43rd St, 12th Fl, New York, NY 10036
(646) 493-6558

 

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SOURCE Mountain Crest Acquisition Corp. III

FAQ

What is Mountain Crest Acquisition Corp. III's IPO pricing?

The IPO is priced at $10.00 per unit.

When does trading for MCAEU start?

Trading is set to begin on May 18, 2021.

What does each unit in the IPO comprise?

Each unit includes one share of common stock and one right for an additional share.

What is the expected closing date for the offering?

The offering is expected to close on May 20, 2021.

What is the additional option granted to underwriters?

Underwriters have a 45-day option to purchase up to 750,000 additional units.