Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) received a deficiency notification from Nasdaq on September 13, 2024, due to delayed filing of its Q1 and Q2 2024 10-Q reports. The company has until September 16, 2024, to submit a compliance plan and may receive a maximum 180-day extension until October 14, 2024. MCAG has made progress by filing its Q1 10-Q on September 13 and submitting a compliance plan on September 16. The company also filed its previously delayed 2023 10-K on August 26, 2024. MCAG is a blank check company formed to effect a business combination with other businesses.
CUBEBIO, a Korean company with innovative early-stage cancer diagnosis technology using urine, has entered into a business combination agreement with Mountain Crest Acquisition Corp. V (MCAG). The deal aims to make CUBEBIO a publicly listed company on Nasdaq. Key details include:
1. Pre-transaction equity value for CUBEBIO: $375 million
2. Potential earn-out payment: $245 million if 2026 revenue reaches $42.7 million
3. Expected closing: First quarter of 2025
The transaction involves a merger and share swap, with CUBEBIO shareholders receiving PubCo Ordinary Shares. This marks Mountain Crest's fifth SPAC business combination, highlighting their experience in such deals.
Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) has received a deficiency notification from Nasdaq due to delayed filing of its Annual Report (Form 10-K) for 2023 and Quarterly Report (Form 10-Q) for Q1 2024. This non-compliance with Nasdaq Listing Rule 5250(c)(1) requires the company to submit a compliance plan by September 2, 2024. Nasdaq may grant an extension until October 14, 2024 for the company to regain compliance. MCAG intends to file the required reports or submit a compliance plan before the deadline. The company is working to complete and file the Form 10-K and Form 10-Q as soon as possible, though no specific timing assurances were provided.
Mountain Crest Acquisition Corp. V and CUBEBIO Co., have entered a non-binding term sheet for a potential business combination. CUBEBIO, a Korea-based company, with innovative cancer diagnosis technology using urine, aims to become a public company listed on The Nasdaq Stock Market. The pre-transaction equity value is $620 million, subject to adjustments. Global Fund is advising CUBEBIO. Mountain Crest V's management expresses excitement about the growth potential from CUBEBIO's technology.
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