Mountain Crest Acquisition Corp. V (MCAG): debt financing — Mountain Crest Acquisition Corp. V issues $400K promissory note to sponsor for working capital

Mountain Crest Acquisition Corp. V

Issued $400,000 unsecured note to sponsor Mountain Crest Global Holdings LLC; no interest, due upon business combination or liquidation.
Proceeds used for working capital; note repayable only from funds outside trust if no deal closes.
Sponsor waives any claim against trust account proceeds from IPO.
Note is drawn down in increments via written notice; maximum aggregate $400,000.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.5

Mountain Crest Acquisition Corp. V incurred loan of up to $400,000 with Mountain Crest Global Holdings LLC at does not bear interest maturing on the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Company liquidates if.

Instrument: loan
Principal: up to $400,000
Counterparty: Mountain Crest Global Holdings LLC
Rate: does not bear interest
Maturity: on the earlier of: (i) the date on which Company consummates an initial business combination with a target business, or (ii) the date the Company liquidates if
Event: incurrence

Exact text from the filing

On October 30, 2023, Mountain Crest Acquisition Corp. V (the “Company”) issued an unsecured promissory note in the aggregate principal amount up to $400,000 (the “Note”) to Mountain Crest Global Holdings LLC, the Company’s sponsor (the “Sponsor”).

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Source: SEC EDGAR

accession 0001829126-23-007051

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