Mountain Crest V converts $2.1M in liabilities into 525,000 shares via vendor and note conversion agreements

Mountain Crest Acquisition Corp. V

Aggregate $1.8M vendor liabilities converted into 450,000 shares at $4.00/share, extinguishing the debts.
$300K sponsor promissory note converted into 75,000 shares at $4.00 implied price per share.
Shares issued in reliance on Section 4(a)(2) and Regulation D as no general solicitation was used.
Holders receive one demand registration and unlimited piggyback rights for five years post-business combination.
Total 525,000 shares issued extinguishes $2.1M of obligations, reducing balance-sheet liabilities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Mountain Crest Acquisition Corp. V entered into Vendor Liability Conversion Agreements with four vendors valued at $1,800,000 of service fees converted into 450,000 shares of Common Stock (effective 2023-09-13).

Action: entry
Counterparty: four vendors
Value: $1,800,000 of service fees converted into 450,000 shares of Common Stock
Effective: 2023-09-13

Exact text from the filing

On September 13, 2023, Mountain Crest Acquisition Corp. V (the “Company”) entered into four separate vendor liability conversion agreements (the “Vendor Liability Conversion Agreements”) with four of the Company’s vendors.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Mountain Crest Acquisition Corp. V entered into Note Conversion Agreement with Mountain Crest Global Holdings LLC (Sponsor) valued at $300,000 Note converted into 75,000 shares of Common Stock (effective 2023-09-13).

Action: entry
Counterparty: Mountain Crest Global Holdings LLC (Sponsor)
Value: $300,000 Note converted into 75,000 shares of Common Stock
Effective: 2023-09-13

Exact text from the filing

On September 13, 2023, as approved by the Company’s audit committee, the Company entered into a note conversion agreement (the “Note Conversion Agreement”) with the Sponsor, to convert the Note into 75,000 shares of the Company’s Common Stock.

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Mountain Crest Acquisition Corp. V filing history →

Source: SEC EDGAR

accession 0001829126-23-006202

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