Mountain Crest Acquisition Corp. V Discloses Financial Obligation
Ticker: MCAGU · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1859035
| Field | Detail |
|---|---|
| Company | Mountain Crest Acquisition CORP. V (MCAGU) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $300,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-obligation, 8-K, disclosure
Related Tickers: MCAG
TL;DR
MCAG filed an 8-K about a new financial obligation. Details TBD.
AI Summary
On April 3, 2024, Mountain Crest Acquisition Corp. V filed an 8-K report detailing a direct financial obligation or an obligation under an off-balance sheet arrangement. The filing does not specify the exact nature or amount of the obligation, but it is a formal disclosure of a financial commitment by the company.
Why It Matters
This filing indicates that Mountain Crest Acquisition Corp. V has entered into a financial commitment, which could impact its future financial health and operational flexibility.
Risk Assessment
Risk Level: medium — The filing indicates a new financial obligation, which introduces potential risk, but the lack of specific details prevents a higher risk assessment.
Key Players & Entities
- Mountain Crest Acquisition Corp. V (company) — Registrant
- April 3, 2024 (date) — Date of Report
FAQ
What is the specific nature of the financial obligation disclosed by Mountain Crest Acquisition Corp. V?
The filing states that it is a 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant' but does not provide specific details about the obligation itself.
When was this financial obligation reported?
The report was filed on April 3, 2024, and the date of the earliest event reported is also April 3, 2024.
What is the principal executive office address for Mountain Crest Acquisition Corp. V?
The principal executive office is located at 311 West 43rd Street, 12th Floor, New York, NY 10036.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This is a Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the Commission File Number for Mountain Crest Acquisition Corp. V?
The Commission File Number is 001-40418.
Filing Stats: 754 words · 3 min read · ~3 pages · Grade level 13.6 · Accepted 2024-04-03 17:00:19
Key Financial Figures
- $300,000 — in the aggregate principal amount up to $300,000 (the "Note") to Mountain Crest Global H
Filing Documents
- mountaincrest5_8k.htm (8-K) — 35KB
- mountaincrest5_ex10-1.htm (EX-10.1) — 20KB
- 0001829126-24-002192.txt ( ) — 280KB
- mcag-20240403.xsd (EX-101.SCH) — 3KB
- mcag-20240403_def.xml (EX-101.DEF) — 26KB
- mcag-20240403_lab.xml (EX-101.LAB) — 36KB
- mcag-20240403_pre.xml (EX-101.PRE) — 25KB
- mountaincrest5_8k_htm.xml (XML) — 6KB
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On April 3, 2024, Mountain Crest Acquisition Corp. V (the "Company") issued an unsecured promissory note in the aggregate principal amount up to $300,000 (the "Note") to Mountain Crest Global Holdings LLC, the Company's sponsor (the "Sponsor"). Pursuant to the Note, the Sponsor agreed to loan to the Company an aggregate amount up to $300,000 that may be drawn down by the Company from time to time by written notice to the Sponsor. The aggregate amount advanced under the Note is due payable by the Company on the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Company liquidates if a business combination is not consummated. The Note does not bear interest. In the event that the Company does not consummate a business combination, the Note will be repaid only from amounts remaining outside of the Company's trust account, if any. The proceeds of the Note will be used by the Company for working capital purposes. The foregoing description of the Note is qualified in its entirety by reference to the full text of the Note, a copy of which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. No Offer or Solicitation This Current Report on Form 8-K is for informational purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization with respect to any securities or in respect of an initial business combination or PIPE financing and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer,
Financial Statements and Exhibits
Financial Statements and Exhibits. EXHIBIT NO. DESCRIPTION 10.1 Promissory Note, dated April 3, 2024 between Mountain Crest Acquisition Corp. V, as Maker and Mountain Crest Global Holdings LLC as Payee 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 3, 2024 MOUNTAIN CREST ACQUISITION CORP. V By: /s/ Suying Liu Name: Suying Liu Title: Chief Executive Officer 2