Tue, Aug 27, 4:25 AM (141 days ago)
Mountain Crest Acquisition Corp. V (MCAG) reported a net loss of $2,251,116 for the fiscal year ended December 31, 2023, compared to a net income of $4,471 in 2022, driven by increased operating expenses of $2,654,975. The company held $5,613,395 in marketable securities in its Trust Account, reflecting a significant decrease from $19,572,432 in 2022, primarily due to stock redemptions. The total liabilities increased to $3,347,408, largely influenced by a deferred underwriting fee of $2,070,000. MCAG's strategic focus remains on completing a business combination, with an extended deadline to November 16, 2024. The company faced compliance issues with Nasdaq regarding its market value of listed securities, but regained compliance by June 2024. Notably, the company underwent restatements to correct misclassifications in its financial statements, impacting its reported assets and liabilities. Future risks include the potential inability to complete a business combination, which would lead to liquidation, and ongoing financial obligations related to promissory notes totaling $700,000. The company continues to seek acquisition targets primarily in North America and Asia Pacific, excluding China.