secwatch.observer — SEC 8-K summary
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Issuer:     Mountain Crest Acquisition Corp. V (MCAG)
CIK:        0001859035
Form:       8-K
Filed at:   2023-09-19T23:59:59+00:00
Accession:  0001829126-23-006202
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1859035/000182912623006202/0001829126-23-006202-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1859035/000182912623006202/mountaincrest5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-006202

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