Mountain Crest Acquisition Corp. V Faces Delisting from Nasdaq

Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU) recently disclosed in an SEC filing that it had received a notice from the Nasdaq Stock Market LLC indicating non-compliance with certain listing requirements. The notification, dated November 14, 2024, mentioned that the company failed to meet Nasdaq Interpretive Material IM-5101-2, leading to its securities being subject to delisting.

As a special purpose acquisition company, Mountain Crest was required to execute one or more business combinations within 36 months of the effective date of its initial public offering (IPO) registration statement. However, since the company did not complete its business combination by the deadline of November 12, 2024, it failed to adhere to IM-5101-2, resulting in potential delisting.

Unless an appeal is filed promptly challenging Nasdaq’s decision, trading of Mountain Crest Acquisition Corp. V’s securities on Nasdaq will be halted starting November 21, 2024. Subsequently, a Form 25-NSE will be submitted to the SEC, leading to the removal of the company’s securities from listing on The Nasdaq Stock Market.

Mountain Crest has confirmed that it will not contest Nasdaq’s ruling regarding the delisting of its securities. Consequently, trading of the company’s securities on Nasdaq will cease from the commencement of business on November 21, 2024. Nonetheless, Mountain Crest anticipates that its securities will be available for trading on the over-the-counter market the same day.

In the face of this development, the company has chosen not to pursue an appeal, indicating its readiness to transition to the over-the-counter market following the Nasdaq delisting.

The filing duly signed by Chief Executive Officer Suying Liu on November 19, 2024, manifests Mountain Crest’s acknowledgment of the situation and its decision not to contest Nasdaq’s determination.

This report details a significant turn of events for Mountain Crest Acquisition Corp. V, signaling a shift in its trading platform from Nasdaq to the over-the-counter market, effective November 21, 2024.

The company’s impending move to the over-the-counter market marks a new phase in its financial journey, highlighting the necessity for ongoing evaluation and adaptation in alignment with market standards and regulations.

For further information, interested parties are advised to refer to the official SEC filing by Mountain Crest Acquisition Corp. V.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mountain Crest Acquisition Corp. V’s 8K filing here.

Mountain Crest Acquisition Corp. V Company Profile

Mountain Crest Acquisition Corp. V does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company intends to pursue target business opportunities in North America and the Asia Pacific region.