The SPAC, which originally had 12 months on its timeline to complete a business combination, IPO’d in November 2021, but has the ability to extend two-times for three months each at $0.10/extension. Or, if it has a signed LOI or definitive agreement it can extend three months without a contribution to trust. MCAG is now hoping to gain shareholder approval to amend its extension schedule by extending three months from February 16, 2023 to May 16, 2023.
Mountain Crest V recently inked its $400 million combination with biotech firm AUM Biosciences on October 20. Singapore-based AUM is working to develop a range of drugs that could improve the effectiveness of cancer treatments with its most advanced candidates entering Phase II.