Mon, Aug 26, 8:44 PM (141 days ago)
Mountain Crest Acquisition Corp. V's Form 10-K for the fiscal year ended December 31, 2023, reveals significant financial developments. The company reported a net loss of $2,251,116, primarily due to operating expenses of $2,654,975, with total assets decreasing to $5,629,484 from $19,843,270 in 2022. The net cash used in operations was $470,675, with $5,613,395 held in a trust account as investments. The company faced compliance issues with Nasdaq's market value listing requirements, receiving notices for failing to meet the $35 million threshold but regained compliance by June 2024. Strategically, Mountain Crest entered a Business Combination Agreement with AUM Biosciences, which was terminated in June 2023. The company has since extended its business combination period until May 16, 2024, with provisions for additional extensions. Management's focus remains on identifying suitable acquisition targets in North America and Asia Pacific, excluding China. Risks include liquidity concerns and reliance on sponsor loans to meet operational needs. The company has undertaken remedial actions to improve internal controls following restatements of prior financial statements.