Mountain Crest Acquisition Corp. V - MCAGU STOCK NEWS

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.

Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU) announced on November 18, 2021, that underwriters fully exercised their over-allotment option, purchasing 900,000 units and generating an additional $9 million. This brings the total issuance to 6,900,000 units, resulting in gross proceeds of $69 million. Each unit consists of one share of common stock and a right to receive additional shares upon a business combination. The company's units began trading on NASDAQ on November 12, 2021, and will separate into common stock and rights trading under the symbols 'MCAG' and 'MCAGR.'

Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU) has successfully closed its initial public offering (IPO), raising $60 million by selling 6,000,000 units at $10 each. Each unit includes one share of common stock and a right to receive one-tenth of a share upon completing a business combination. The units began trading on NASDAQ on November 12, 2021, with common stock and rights expected to trade under the symbols 'MCAG' and 'MCAGR,' respectively. The underwriters have an option to purchase an additional 900,000 units for over-allotments.

Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU) has announced the pricing of its initial public offering (IPO) of 6,000,000 units, each priced at $10.00. Trading on NASDAQ is set to commence today, November 12, 2021. Each unit consists of one common stock share and a right to receive one-tenth of a share upon a business combination. The offering is expected to close on November 16, 2021, pending standard conditions. The underwriters may purchase an additional 900,000 units to cover over-allotments. Chardan is acting as the sole book running manager.