Mountain Crest Acquisition Corp. V Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K and Quarterly Report on Form 10-Q
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 (NASDAQ: MCAG) ha ricevuto una notifica di inefficienza da parte di Nasdaq a causa del ritardo nella presentazione del suo Rapporto Annuale (Modulo 10-K) per il 2023 e del Rapporto Trimestrale (Modulo 10-Q) per il Q1 2024. Questa non conformità con la Regola di Quotazione 5250(c)(1) di Nasdaq richiede che la società presenti un piano di conformità entro il 2 settembre 2024. Nasdaq potrebbe concedere un'estensione fino al 14 ottobre 2024 per consentire alla società di riconquistare la conformità. MCAG intende presentare i rapporti richiesti o inviare un piano di conformità prima della scadenza. La società sta lavorando per completare e presentare il Modulo 10-K e il Modulo 10-Q il prima possibile, sebbene non siano state fornite garanzie specifiche sui tempi.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) ha recibido una notificación de deficiencia de Nasdaq debido a la presentación tardía de su Informe Anual (Formulario 10-K) para 2023 y su Informe Trimestral (Formulario 10-Q) para el Q1 2024. Este incumplimiento de la Regla de Cotización 5250(c)(1) de Nasdaq requiere que la empresa presente un plan de cumplimiento antes del 2 de septiembre de 2024. Nasdaq puede conceder una extensión hasta el 14 de octubre de 2024 para que la empresa recupere la conformidad. MCAG tiene la intención de presentar los informes requeridos o enviar un plan de cumplimiento antes de la fecha límite. La empresa está trabajando para completar y presentar el Formulario 10-K y el Formulario 10-Q lo antes posible, aunque no se proporcionaron garantías específicas sobre los tiempos.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG)는 2023년 연례 보고서(양식 10-K)와 2024년 1분기 분기 보고서(양식 10-Q)의 제출 지연으로 인해 Nasdaq에서 결핍 통지를 받았습니다. Nasdaq 상장 규칙 5250(c)(1) 위반으로 인해 회사는 2024년 9월 2일까지 준수 계획을 제출해야 합니다. Nasdaq는 회사가 준수를 회복할 수 있도록 2024년 10월 14일까지 연장을 허용할 수 있습니다. MCAG는 기한 전에 필수 보고서를 제출하거나 준수 계획을 제출할 예정입니다. 회사는 가능한 한 빨리 양식 10-K 및 양식 10-Q를 완료하고 제출하기 위해 노력하고 있지만, 특정 시간 보장은 제공되지 않았습니다.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) a reçu une notification de non-conformité de la part de Nasdaq en raison du retard dans le dépôt de son Rapport Annuel (Formulaire 10-K) pour 2023 et de son Rapport Trimestriel (Formulaire 10-Q) pour le T1 2024. Cette non-conformité à la Règle de Cotation 5250(c)(1) de Nasdaq exige que la société soumette un plan de conformité d'ici le 2 septembre 2024. Nasdaq peut accorder une extension jusqu'au 14 octobre 2024 pour permettre à la société de retrouver la conformité. MCAG a l'intention de soumettre les rapports requis ou de présenter un plan de conformité avant la date limite. La société travaille à compléter et à soumettre le Formulaire 10-K et le Formulaire 10-Q dès que possible, bien qu'aucune assurance spécifique sur les délais n'ait été fournie.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) hat eine Mängelbenachrichtigung von Nasdaq erhalten, aufgrund der verspäteten Einreichung seines Jahresberichts (Formular 10-K) für 2023 und des Viertelsberichts (Formular 10-Q) für das 1. Quartal 2024. Diese Nichteinhaltung der Nasdaq-Kotierungsregel 5250(c)(1) erfordert, dass das Unternehmen einen Compliance-Plan bis zum 2. September 2024 einreicht. Nasdaq kann eine Verlängerung bis zum 14. Oktober 2024 gewähren, damit das Unternehmen die Einhaltung wiederherstellen kann. MCAG plant, die erforderlichen Berichte einzureichen oder einen Compliance-Plan vor Ablauf der Frist vorzulegen. Das Unternehmen arbeitet daran, das Formular 10-K und das Formular 10-Q so schnell wie möglich zu vervollständigen und einzureichen, obwohl keine spezifischen Zeitgarantien gegeben wurden.
- Company acknowledges the issue and intends to address it promptly
- Nasdaq provides a grace period for compliance, allowing the company time to rectify the situation
- Failure to timely file required financial reports (Form 10-K and Form 10-Q)
- Risk of potential delisting from Nasdaq if compliance is not achieved
- Lack of current financial information available to investors
The notification of deficiency from Nasdaq for Mountain Crest Acquisition Corp. V (MCAG) is a significant development that warrants close attention from investors. This situation stems from the company's failure to file its Annual Report (Form 10-K) for 2023 and Quarterly Report (Form 10-Q) for Q1 2024 in a timely manner.
The implications of this deficiency are twofold:
- Compliance Risk: MCAG now faces the challenge of regaining compliance with Nasdaq's Listing Rule 5250(c)(1). The company has until September 2, 2024, to submit a plan to address this issue. Failure to do so could potentially lead to delisting, which would severely impact the stock's liquidity and investor confidence.
- Financial Transparency: The delay in filing these important financial reports raises questions about the company's internal processes and financial health. Without these reports, investors lack up-to-date information to make informed decisions.
It's worth noting that MCAG is a blank check company, also known as a Special Purpose Acquisition Company (SPAC). SPACs typically have
Investors should closely monitor MCAG's progress in filing these reports and its communication with Nasdaq. The company's ability to resolve this issue promptly will be important for maintaining investor confidence and ensuring continued listing on Nasdaq.
The notification of deficiency from Nasdaq to Mountain Crest Acquisition Corp. V (MCAG) raises several legal and regulatory concerns that investors should be aware of:
- SEC Compliance: The failure to file timely reports (Form 10-K and Form 10-Q) is a violation of SEC regulations. This could potentially lead to further regulatory scrutiny and possible enforcement actions if not addressed promptly.
- Nasdaq Listing Requirements: MCAG is now at risk of non-compliance with Nasdaq's listing rules. While they have been given a grace period to submit a compliance plan, failure to do so or to execute the plan successfully could result in delisting proceedings.
- Investor Disclosure Obligations: The delay in filing these reports means that MCAG is not fulfilling its obligation to provide timely and accurate financial information to its shareholders and the market.
The company's statement that it "intends to file the Form 10-K and the Form 10-Q or to submit a compliance plan to Nasdaq" is crucial. This indicates that MCAG is aware of the severity of the situation and is taking steps to address it. However, the use of the word "or" suggests some uncertainty about which course of action they will take.
Investors should be cautious and monitor the situation closely. If MCAG fails to file the required reports or submit an acceptable compliance plan by the September 2, 2024 deadline, it could face more severe consequences, including potential delisting from Nasdaq. This would significantly impact the stock's liquidity and could lead to a substantial loss in shareholder value.
NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. V (NASDAQ: MCAG, the “Company”) today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on July 18, 2024 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file (i) its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”), as described more fully in the Company's Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (the "SEC") on April 2, 2024 and (ii) its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Form 10-Q”), as described more fully in the Company's Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (the "SEC") on May 15, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC. In accordance with Nasdaq’s listing rules, the Company has 60 calendar days after the Notice, or September 2, 2024, to submit a plan to regain compliance with the Listing Rule. Following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the Form 10-K’s due date, or until October 14, 2024, for the Company to regain compliance.
The Company intends to file the Form 10-K and the Form 10-Q or to submit a compliance plan to Nasdaq and take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable, but in any case such plan to be submitted prior to September 2, 2024. While the Company can provide no assurances as to timing, the Company will continue to work diligently to complete and file the Form 10-K and the Form 10-Q as soon as practicable.
About Mountain Crest Acquisition Corp. V
Mountain Crest Acquisition Corp. V (Nasdaq: MCAG) 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.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” or “will” or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Company’s plans and expectations about the completion and filing of the Form 10-K, the Form 10-Q, its submission of a plan to regain compliance with respect to the Listing Rule, and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to uncertainties about the timing of the Company’s submission of a compliance plan, Nasdaq’s acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq’s requirements; uncertainties associated with the Company’s preparation of the Form 10-K, form 10-Q and the related financial statements, including the possibility that additional accounting errors or corrections will be identified; the possibility of additional delays in the filing of the Form 10-K. the Form 10-Q and the Company’s other SEC filings; and the other risks and uncertainties described in the Company’s SEC reports. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.
Contact:
Dr. Suying Liu
Chairman, CEO and CFO
524 Broadway 11th Floor, New York, NY 10012
![](https://ml.globenewswire.com/media/ODcyZjZjNTktZDFmMi00MTRiLWFkMTAtZjRkZDExZGNkZGJmLTEyMzYyODE=/tiny/Mountain-Crest-Acquisition-Cor.png)
FAQ
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