Mountain Crest Acquisition Corp. V (MCAG): debt financing — Mountain Crest Acquisition V extends business combination deadline to May 16, 2023 via $300K sponsor loan

Mountain Crest Acquisition Corp. V

SPAC extended deadline to complete business combination from Feb 16, 2023 to May 16, 2023 by depositing $300,000 into trust.
Sponsor Mountain Crest Global Holdings loaned $300,000 via a non-interest bearing unsecured promissory note.
Note due upon consummation of business combination; convertible into private units at $10/unit at sponsor's election.
Note will be forgiven if no business combination by May 16, 2023, except for funds held outside trust.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Mountain Crest Acquisition Corp. V incurred loan of $300,000 with Mountain Crest Global Holdings LLC at non-interest bearing maturing upon SPAC’s consummation of an initial business combination.

Instrument: loan
Principal: $300,000
Counterparty: Mountain Crest Global Holdings LLC
Rate: non-interest bearing
Maturity: upon SPAC’s consummation of an initial business combination
Event: incurrence

Exact text from the filing

On February 15, 2023, SPAC issued a non-interest bearing, unsecured promissory note in the aggregate principal amount of $300,000 (the “Note”) to the Sponsor.

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Mountain Crest Acquisition Corp. V filing history →

Source: SEC EDGAR

accession 0001829126-23-001574

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