Tue, Aug 27, 7:18 PM (140 days ago)
Mountain Crest Acquisition Corp. V reported a net loss of $2,251,116 for the fiscal year ending December 31, 2023, compared to a net income of $4,471 in 2022. Operating expenses were $2,654,975, with interest income from investments in the Trust Account totaling $510,728. The company’s cash position decreased to $16,089, while total assets fell to $5,629,484, primarily due to a significant drop in investments held in the Trust Account from $19,572,432 in 2022 to $5,613,395 in 2023. The company has extended its business combination deadline to November 16, 2024, following amendments to its charter and deposit of extension funds. Additionally, Mountain Crest faced compliance issues with Nasdaq regarding the market value of listed securities, but regained compliance by June 2024. The company has also converted vendor liabilities into equity and issued promissory notes to the Sponsor for working capital. The financial condition remains uncertain, with potential risks related to liquidity and the ability to complete a business combination before the extended deadline.