secwatch.observer — SEC 8-K summary
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Issuer:     Mountain Crest Acquisition Corp. V (MCAG)
CIK:        0001859035
Form:       8-K
Filed at:   2023-02-16T23:59:59+00:00
Accession:  0001829126-23-001574
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mountain Crest Acquisition V extends business combination deadline to May 16, 2023 via $300K sponsor loan
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1859035/000182912623001574/0001829126-23-001574-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1859035/000182912623001574/mountaincrest5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-001574

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer