Mountain Crest Acquisition, a blank check company focusing on acquiring a private equity portfolio company, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
The New York, NY-based company plans to raise $50 million by offering 5 million units at a price of $10. Each unit consists of one share and one right to receive on tenth of one share. At the proposed deal size, Mountain Crest Acquisition would command a market value of $66 million. The SPAC is led by CEO and Chairman Suying Liu, the Head of Corporate Strategy at Hudson Capital (Nasdaq: HUSN) and CFO Dong Liu. Mountain Crest Acquisition intends to focus on North American companies with under-researched and underappreciated assets poised for significant growth once capitalized.
The New York, NY-based company was founded in 2019 and plans to list on the Nasdaq under the symbol MCACU. Chardan Capital Markets is the sole bookrunner on the deal.
