Welcome to our dedicated page for MOUNTAIN CREST ACQ V news (Ticker: MCAG), a resource for investors and traders seeking the latest updates and insights on MOUNTAIN CREST ACQ V stock.
Mountain Crest Acquisition Corp. V (MCAG) is a blank check company primarily focused on identifying high-potential acquisition targets. As a special purpose acquisition company (SPAC), Mountain Crest Acquisition Corp. V does not engage in any material business operations but instead aims to merge or acquire a company with substantial growth prospects.
Recently, Mountain Crest Acquisition Corp. V has been in the news due to its compliance issues with Nasdaq's continued listing requirements. As previously disclosed, the company received notifications from Nasdaq indicating non-compliance with certain listing standards for the Nasdaq Global Market. However, these issues were resolved upon the transfer of the company's securities to the Nasdaq Capital Market on October 27, 2023.
Under the leadership of Dr. Suying Liu, who serves as the Chairman, CEO, and CFO, Mountain Crest Acquisition Corp. V is headquartered in New York, NY. Dr. Liu brings extensive expertise and strategic vision to the company's operations, steering it towards successful acquisition opportunities.
Mountain Crest Acquisition Corp. V remains committed to its strategy of creating value for its shareholders by identifying and partnering with a company that demonstrates strong potential for long-term growth and profitability.
Contact Information:
Mountain Crest Acquisition Corp. V
Dr. Suying Liu, Chairman, CEO, and CFO
311 W 43rd St, 12th Fl, New York, NY 10036
(646) 493-6558
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) received a deficiency notification from Nasdaq on September 13, 2024, due to delayed filing of its Q1 and Q2 2024 10-Q reports. The company has until September 16, 2024, to submit a compliance plan and may receive a maximum 180-day extension until October 14, 2024. MCAG has made progress by filing its Q1 10-Q on September 13 and submitting a compliance plan on September 16. The company also filed its previously delayed 2023 10-K on August 26, 2024. MCAG is a blank check company formed to effect a business combination with other businesses.
CUBEBIO, a Korean company with innovative early-stage cancer diagnosis technology using urine, has entered into a business combination agreement with Mountain Crest Acquisition Corp. V (MCAG). The deal aims to make CUBEBIO a publicly listed company on Nasdaq. Key details include:
1. Pre-transaction equity value for CUBEBIO: $375 million
2. Potential earn-out payment: $245 million if 2026 revenue reaches $42.7 million
3. Expected closing: First quarter of 2025
The transaction involves a merger and share swap, with CUBEBIO shareholders receiving PubCo Ordinary Shares. This marks Mountain Crest's fifth SPAC business combination, highlighting their experience in such deals.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) has received a deficiency notification from Nasdaq due to delayed filing of its Annual Report (Form 10-K) for 2023 and Quarterly Report (Form 10-Q) for Q1 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires the company to submit a compliance plan by September 2, 2024. Nasdaq may grant an extension until October 14, 2024 for the company to regain compliance. MCAG intends to file the required reports or submit a compliance plan before the deadline. The company is working to complete and file the Form 10-K and Form 10-Q as soon as possible, though no specific timing assurances were provided.
Mountain Crest Acquisition Corp. V and CUBEBIO Co., have entered a non-binding term sheet for a potential business combination. CUBEBIO, a Korea-based company, with innovative cancer diagnosis technology using urine, aims to become a public company listed on The Nasdaq Stock Market. The pre-transaction equity value is $620 million, subject to adjustments. Global Fund is advising CUBEBIO. Mountain Crest V's management expresses excitement about the growth potential from CUBEBIO's technology.
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