Mountain Crest Acquisition Corp. IV Announces Closing of $50 Million Initial Public Offering

Rhea-AI Summary

Mountain Crest Acquisition Corp. IV (NASDAQ: MCAFU) has successfully closed its IPO, offering 5 million units priced at $10.00 each. Each unit includes one share of common stock and one right to receive a fraction of a share upon an initial business combination. The units began trading on NASDAQ on June 30, 2021. Additionally, underwriters have a 45-day option to purchase up to 750,000 additional units. Mountain Crest intends to target operating businesses primarily in North America for future acquisitions.

Positive

• Successfully raised $50 million through IPO.
• Targeting business combinations in North America, widening market scope.

Negative

• Dependence on identifying suitable acquisition targets remains a risk.
• 45-day option for underwriters may dilute existing shareholder value.

NEW YORK, July 02, 2021 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. IV (NASDAQ: MCAFU, the “Company”) announced today that it closed its initial public offering of 5,000,000 units at $10.00 per unit. 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 units are listed on The NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “MCAFU” on June 30, 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 “MCAF,” and “MCAFR,” 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.

Network 1 Financial Securities, Inc. acted as sole book running manager in the offering. Maxim Group LLC acted as an underwriter and financial advisor in connection with the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 29, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Network 1 Financial Securities, Inc., 2 Bridge Avenue, Suite 241, Red Bank, New Jersey 07701. 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. IV

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

FAQ

What was the IPO price for Mountain Crest Acquisition Corp. IV (MCAFU)?

The IPO price was $10.00 per unit.

How many units were offered in the IPO by Mountain Crest Acquisition Corp. IV?

5 million units were offered in the IPO.

When did Mountain Crest Acquisition Corp. IV start trading on NASDAQ?

The units began trading on June 30, 2021.

What is the ticker symbol for Mountain Crest Acquisition Corp. IV?

The ticker symbol is MCAFU.

What type of companies is Mountain Crest Acquisition Corp. IV looking to acquire?

The company intends to focus on operating businesses in North America.