Tue, Aug 27, 3:38 PM (140 days ago)
Mountain Crest Acquisition Corp. V's 10-K report for the fiscal year ending December 31, 2023, highlights a challenging financial performance, including a net loss of $2,251,116, a significant increase from a net income of $4,471 in 2022. Operating expenses rose sharply to $2,654,975, primarily due to administrative costs associated with its status as a public entity. The company reported $5,613,395 in marketable securities held in a Trust Account, reflecting a decline from $19,572,432 in the previous year, attributed to stock redemptions. The company faced compliance challenges with Nasdaq's $35 million market value requirement, receiving notices in December 2023 but subsequently regaining compliance by June 2024. Strategic efforts included extending the business combination period to November 16, 2024, and entering into various promissory notes with the Sponsor for working capital, totaling $400,000 and $300,000. The company has not yet completed a business combination, with significant risks surrounding its ability to do so before the extended deadline. Future operations will depend heavily on securing a suitable target and maintaining compliance with Nasdaq's listing standards.