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Mountain Crest Acquisition Corp. V (MCAG) Adjourns Extension Vote

proxy vote

Mountain Crest Acquisition Corp. V (MCAG) Adjourns Extension Vote

Mountain Crest Acquisition Corp. V  (NASDAQ:MCAG) announced that it convened and adjourned today’s extension vote to tomorrow, December 20, at 5:00 p.m.

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.