Mon, Aug 26, 5:33 PM (141 days ago)
**Summary of Financial Performance for Mountain Crest Acquisition Corp. V (Fiscal Year Ended December 31, 2023)** Mountain Crest Acquisition Corp. V reported a net loss of $2,251,116 for FY 2023, primarily driven by operating expenses of $2,654,975. The company generated interest income of $510,728 from its Trust Account investments, a decline from $932,256 in FY 2022. The total assets decreased from $19,843,270 in 2022 to $5,629,484 in 2023, reflecting significant redemptions and a drop in marketable securities held in the Trust Account to $5,613,395. The company faced compliance challenges with Nasdaq listing standards, specifically failing to meet the $35 million market value of listed securities (MVLS) requirement. Following corrective actions, it regained compliance by June 2024. The Combination Period was extended until November 16, 2024, allowing more time to complete a business combination. Significant changes included the termination of a proposed business combination with AUM Biosciences in June 2023 and the conversion of promissory notes into equity, impacting the capital structure. The company is actively seeking new acquisition opportunities while managing liquidity challenges amid ongoing operational costs.