Mountain Crest Acquisition Corp. V Announces Closing of Fully-Exercised Over-Allotment Option in Connection with Its Initial Public Offering

Rhea-AI Summary

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.'

Positive

• Total gross proceeds increased to $69 million from the initial offering.
• Successful exercise of the over-allotment option demonstrates strong investor demand.
• Strategic focus on merger opportunities in North America and Asia Pacific.

Negative

• None.

NEW YORK, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU, the “Company”) announced today that the underwriters in its initial public offering, pursuant to the terms of the underwriting agreement, fully exercised their over-allotment option and, on November 18, 2021, purchased 900,000 units, generating additional gross proceeds of $9,000,000. 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 total aggregate issuance by the Company of 6,900,000 units at a price of $10.00 per unit resulted in total gross proceeds of $69,000,000. 

The units are listed on The NASDAQ Capital Market (“NASDAQ”) and began trading under the ticker symbol “MCAGU” on November 12, 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 “MCAG,” and “MCAGR,” respectively.

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 November 12, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, Suite 2130, New York, NY 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. V

Mountain Crest Acquisition Corp. V 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. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus on operating businesses in North America and Asia Pacific (excluding China).

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. V
	Dr. Suying Liu
	Chairman, CEO and CFO
	311 W 43rd St, 12th Fl, New York, NY 10036
	(646) 493-6558

FAQ

What does the over-allotment option mean for MCAGU investors?

The over-allotment option allows underwriters to purchase additional shares, reflecting strong demand and potentially enhancing liquidity for investors.

How much capital did Mountain Crest Acquisition Corp. V raise in total?

Mountain Crest Acquisition Corp. V raised a total of $69 million through the issuance of 6,900,000 units.

When did Mountain Crest Acquisition Corp. V begin trading on NASDAQ?

The units of Mountain Crest Acquisition Corp. V began trading on NASDAQ on November 12, 2021.

What is included in each unit issued by MCAGU?

Each unit consists of one share of common stock and one right to receive one-tenth of one share of common stock upon a successful business combination.