8-K
filed August 22, 2023, 7:59 PM ET
ticker MCAG
CIK 0001859035
other material
confidence high
sentiment neutral
materiality 0.65
Mountain Crest V shareholders approve charter changes extending deadline to Nov 2024, removing China target restriction
Mountain Crest Acquisition Corp. V
- Extension deadline for initial business combination moved to November 16, 2024, with $0.10/Public Share deposit per three-month extension starting Nov 17, 2023.
- Net tangible book value requirement eliminated; restrictions on pre-combination equity issuances removed.
- Prohibition on business combinations with China-based targets removed (principal operations in China, Hong Kong, Macau).
- 2,291,900 shares voted FOR each proposal; 9,653 shares tendered for redemption.
- Todd Milbourn and Wenhua Zhang elected as directors; UHY LLP ratified as auditor for FY 2023.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Mountain Crest Acquisition Corp. V: Amended Charter Article Sixth to extend business combination period to November 16, 2024, eliminate the $5,000,001 net tangible book value requirement, and remove restrictions on share issuances prior to a business combination (effective 2023-08-21).
- Change
- charter amendment
- Effective
- 2023-08-21
Exact text from the filing
Mountain Crest Acquisition Corp V (the “Company”) filed an amendment No. 3 to its Amended and Restated Certificate of Incorporation (the “Charter”) with the Delaware Secretary of State on August 21, 2023 (the “Amendment No. 3”), to (a) modify the terms and extend the date (the “Business Combination Period”) by which the Company has to consummate an initial business combination (the “Business Combination”) to November 16, 2024, provided that the Company deposits into the trust account (the “Trust Account”) an amount equal to $0.10 per outstanding share of common stock sold in the Company’s initial public offering (the “Public Share”) for each three-month extension commencing on November 17, 2023 by revising paragraph E of Article Sixth of the Charter; (b) eliminate the requirement to maintain $5,000,001 of net tangible book value prior to or upon consummation of a Business Combination (the “NTA Requirement”) by eliminating such requirement set forth in paragraph D of Article Sixth of th
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Charter Amendment Proposals - Issuance Amendment: permit prior to a Business Combination the issuance of common stock or securities at the 2023-08-21 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
c. Issuance Amendment: FOR AGAINST ABSTAIN Broker Non-Votes 2,291,900 6,803 0 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Election of two directors to serve until the 2026 annual meeting at the 2023-08-21 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
Nominee FOR Withheld Broker Non-Votes Todd Milbourn 2,291,900 6,803 0 Wenhua Zhang 2,291,900 6,803 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Charter Amendment Proposals - NTA Requirement Amendment: eliminate the NTA Requirement at the 2023-08-21 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
b. NTA Requirement Amendment: FOR AGAINST ABSTAIN Broker Non-Votes 2,291,900 6,803 0 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Target Amendment Proposal: remove restriction on consummating initial business combination with a target business having principal operations in China at the 2023-08-21 meeting.
- Proposal
- merger approval
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
Non-Votes 2,291,900 6,803 0 0 b. NTA Requirement Amendment: FOR AGAINST ABSTAIN Broker Non-Votes 2,291,900 6,803 0 0 c.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Ratify appointment of UHY LLP as independent registered public accounting firm for year ending December 31, 2023 at the 2023-08-21 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
FOR AGAINST ABSTAIN Broker Non-Votes 2,291,900 6,803 0 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Mountain Crest Acquisition Corp. V shareholders approved Charter Amendment Proposals - Extension Amendment: modify terms and extend business combination period to November 16, 2024 at the 2023-08-21 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-08-21
Exact text from the filing
a. Extension Amendment: FOR AGAINST ABSTAIN Broker Non-Votes 2,291,900 6,803 0 0
View on SEC.gov
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