Wed, Aug 28, 2:08 AM (140 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. The company’s operating expenses surged to $2,654,975, significantly impacting its financial performance. Total assets decreased from $19,843,270 in 2022 to $5,629,484 in 2023, primarily due to reduced cash and investments held in trust, which dropped from $19,572,432 to $5,613,395. The company has faced compliance issues with Nasdaq regarding market value of listed securities, resulting in a transfer from the Nasdaq Global Market to the Nasdaq Capital Market. The Combination Period was extended to November 16, 2024, with provisions for further extensions. MCAG's strategic focus remains on identifying a viable business combination, specifically targeting companies in North America and Asia Pacific (excluding China). However, there are substantial doubts about the company's ability to continue as a going concern if it fails to complete a business combination by the extended deadline. The company has also undergone restatements related to financial misclassifications, highlighting ongoing challenges in financial reporting and compliance.