Mountain Crest Acquisition Corp. V is a SPAC engaged in identifying and evaluating potential acquisition targets in North America and Asia Pacific (excluding China), with no current operating revenues and holding roughly $1.15 million in trust assets.

# Company Summary: Mountain Crest Acquisition Corp. V

## Overview
- **Type:** Special Purpose Acquisition Company (SPAC) / Blank Check Company
- **Formation Date:** April 8, 2021
- **Jurisdiction:** Delaware
- **Purpose:** To effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination to build a publicly traded company.
- **Target Regions:** Focused on private companies in North America and Asia Pacific (excluding China). The company will not pursue targets with principal operations in China (including Hong Kong and Macau).

## Business Operations
- **Current Activities:** Identifying and evaluating suitable acquisition targets; no operating business.
- **Revenue:** None reported; only non-operating interest income from trust account investments.
- **Employees:** 1 executive officer (not full-time, only devoting as much time as needed).
- **Customer Base:** None (no ongoing operations or customers).

## Financials
- **Revenues:** None (no operating activities).
- **Net Loss:** 
  - 2024: **$374,454**  
  - 2023: **$2,251,116**
- **Assets:**  
  - Trust account (as of December 31, 2024): **$1,157,312** (including interest income)
  - Cash outside trust (as of December 31, 2024): **$116,658** for working capital
- **Interest Income:** Earned from investments in trust account.
- **Expenses:** Includes legal, accounting, due diligence, and administrative costs.  
- **Debt/Loans:** Several promissory notes from sponsors/affiliates, with outstanding amounts including $390,000 under the August 2024 Note as of December 31, 2024.

## Key Activities & Developments
- Multiple attempts to complete business combinations, notably with companies like AUM Biosciences and CUBEBIO.
- Significant activity related to regulatory compliance, including stock exchanges transfers, filing delays and corrections, and market value requirements.
- No current customer base, no revenue, and no ongoing operations beyond seeking a target company for a business combination.

## Summary Conclusion
Mountain Crest Acquisition Corp. V is a SPAC engaged solely in identifying and evaluating potential acquisition targets in North America and Asia Pacific regions (excluding China). The company has no operating revenues, employs only a single part-time executive, and holds roughly $1.15 million in trust assets from its IPO. The company’s primary goal is to complete a business combination; until then, it incurs administrative and transaction-related costs.

Mountain Crest Acquisition Corp. V is a blank check company formed to identify and acquire private companies, primarily in North America and the Asia Pacific, excluding China.

# Company Overview: Mountain Crest Acquisition Corp. V

## Introduction
Mountain Crest Acquisition Corp. V is a blank check company formed in Delaware on April 8, 2021. The company's primary goal is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, termed as the "initial business combination." The company aims to identify prospective targets mainly in North America and the Asia Pacific regions (excluding China).

## Business Activities
Mountain Crest V is focused on identifying and acquiring private companies that seek access to U.S. public capital markets. The company leverages the extensive network of its directors and management team to source and evaluate potential targets.

### Key Milestones
- **Business Combination Agreement**: The company entered into a Business Combination Agreement with AUM Biosciences Pte. Ltd. on October 19, 2022, which was later terminated on June 8, 2023.
- **Extension of Combination Period**: The initial timeline to complete a business combination was extended to February 16, 2024, later modified to November 16, 2024.
- **Recent Developments**: The company has entered into vendor liability conversion agreements, converting service fees into equity and issued promissory notes to its sponsor for working capital.

## Financial Information
### Revenue and Income
As a blank check company, Mountain Crest V has not generated significant revenue or net income through operations since its business activity is primarily focused on identifying and acquiring a target business.

### Customers and Employees
The company does not have traditional customers or employees, as its operations are limited to management and governance activities. 
- **Employees**: One executive officer (Dr. Suying Liu) is in charge of the company and is not obligated to dedicate a specific number of hours to the company's affairs. 
- **Customers**: The company does not have a customer base as it has not yet completed its initial business combination and does not operate a commercial business.

### Financial Status
- **Market Value of Listed Securities**: The company has faced compliance challenges with Nasdaq regarding maintaining a minimum market value of listed securities required for continued listing.
- **Funding & Capital**: The business has raised significant capital through an initial public offering (IPO), but details on the exact capital available to be deployed in potential acquisitions were not explicitly mentioned.

## Summary
Mountain Crest Acquisition Corp. V is a special purpose acquisition company (SPAC) focused on merging with or acquiring private companies in North America and the Asia Pacific, excluding China. The company currently does not have operational revenue, customers, or traditional employees aside from its management team, and its success hinges on completing a successful business combination.

Mountain Crest Acquisition Corp. V

10-K / April 1, 2025

10-K / August 26, 2024

10-K / April 1, 2025

Company Summary: Mountain Crest Acquisition Corp. V

Overview

Business Operations

Financials

Key Activities & Developments

Summary Conclusion