Mountain Crest Acquisition Corp Announces Closing of Over-Allotment Option in Connection With Its Initial Public Offering

NEW YORK, June 19, 2020 /PRNewswire/ -- Mountain Crest Acquisition Corp (NASDAQ: MCACU, the "Company") announced today that the underwriters in its initial public offering, pursuant to the terms of the underwriting agreement, partially exercised their over-allotment option and, on June 19, 2020, purchased 749,800 units, generating additional gross proceeds of $7,498,000.  Each unit consists of one share of common stock and one right to receive one-tenth of one share of common stock upon the consummation of an initial business combination.

The total aggregate issuance by the Company of 5,749,800 units at a price of $10.00 per unit resulted in total gross proceeds of $57,498,000. 

The units are listed on The NASDAQ Capital Market ("NASDAQ") and began trading under the ticker symbol "MCACU" on June 5, 2020. Once the securities comprising the units begin separate trading, the common stock and rights are expected to be listed on NASDAQ under the symbols "MCAC," and "MCACR," respectively.

Chardan acted as sole book running manager in the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 4, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Mountain Acquisition Corp

Mountain Crest Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Mountain Crest Acquisition Corp's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in North America.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

Mountain Crest Acquisition Corp
Dr. Suying Liu
Chairman and CEO
311 W 43rd St, 12th Fl, New York, NY 10036
(646) 493-6558

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SOURCE Mountain Crest Acquisition Corp