Mountain Crest Acquisition V, the fifth blank check company formed by Suying Liu, raised the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-based company now plans to raise $60 million by offering 6 million units at $10. The company had previously filed to offer 5 million units at the same price. Each unit still consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the revised deal size, Mountain Crest Acquisition V will raise 20% more in proceeds than previously anticipated.
Mountain Crest Acquisition V is led by CEO, CFO, and Chairman Suying Liu, the former Head of Corporate Strategy at Hudson Capital Chief Strategist of Mansion Capital. Liu has formed several SPACs. Mountain Crest Acquisition II completed its combination with digital therapeutics company Better Therapeutics (BTTX; +2% from $10 offer price) in October 2021, and Mountain Crest Acquisition completed its combination with Playboy Enterprises (PLBY; +226%) in February 2021. Two are currently looking for targets (MCAFU, MCAEU).
Mountain Crest Acquisition V plans to target businesses in North America and Asia Pacific (excluding China) with positive operating cash flow or compelling economics and clear paths to positive operating cash flow.
Mountain Crest Acquisition V was founded in 2021 and plans to list on the Nasdaq under the symbol MCAGU. Chardan Capital Markets is the sole bookrunner on the deal.
