Tue, Aug 27, 12:19 PM (140 days ago)
Mountain Crest Acquisition Corp. V's 10-K report for the fiscal year ended December 31, 2023, details significant financial and operational updates. The company reported a net loss of $2,251,116, primarily due to operating expenses of $2,654,975, compared to a net income of $4,471 in 2022. As of December 31, 2023, cash held outside the trust account was $16,089, with $5,613,395 in marketable securities in the trust account. The company faced challenges with Nasdaq compliance, receiving multiple notices regarding market value and share distribution requirements, but regained compliance by June 2024. In 2023, the company attempted a business combination with AUM Biosciences, which was terminated in June. The company extended its business combination deadline to November 2024 and issued promissory notes totaling $700,000 to its sponsor for working capital. Key amendments to its charter were made, including modifications to capital requirements and share issuance policies. The report emphasizes the ongoing need for additional financing and the potential for liquidation if a business combination is not completed by the extended deadline.