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CH-AUTO Technology Corporation Ltd., a Chinese electric vehicle manufacturer, has announced a definitive merger agreement with Mountain Crest Acquisition Corp. IV (Ticker: MCAF). The transaction implies an initial equity value of approximately $1.25 billion for CH-AUTO and is expected to close in Q4 2022. CH-AUTO, known for its all-electric Qiantu K50 super sports car, aims to enhance its financial capabilities and market presence through this merger. Qun Lu, CH-AUTO's founder, will serve as CEO of the newly formed company, which plans to trade on Nasdaq.
Mountain Crest Acquisition Corp. IV (NASDAQ: MCAFU) has announced that starting on July 28, 2021, holders of the Company's units can separately trade the common stock and rights within those units. The common stock will trade under the symbol MCAF, and rights under MCAFR, while unseparated units continue to trade as MCAFU. This strategic move allows for greater flexibility in trading and may attract more investor interest. The company aims to engage in mergers or similar business combinations without limiting its search to any specific industry or geographic area.
Mountain Crest Acquisition Corp. IV (NASDAQ: MCAFU) has successfully closed its IPO, offering 5 million units priced at $10.00 each. Each unit includes one share of common stock and one right to receive a fraction of a share upon an initial business combination. The units began trading on NASDAQ on June 30, 2021. Additionally, underwriters have a 45-day option to purchase up to 750,000 additional units. Mountain Crest intends to target operating businesses primarily in North America for future acquisitions.
Mountain Crest Acquisition Corp. IV (NASDAQ: MCAFU) announced its initial public offering (IPO) pricing of 5,000,000 units at $10.00 each. Trading for these units will commence on NASDAQ on June 30, 2021. Each unit comprises one share of common stock and a right to receive one-tenth of another share upon a business combination. The offering is anticipated to close on July 2, 2021. Network 1 Financial Securities, Inc. is the sole book-running manager, with Maxim Group LLC as an underwriter. A registration statement was declared effective by the SEC on June 29, 2021.