Mountain Crest V converts $600K in sponsor notes into 150K shares of common stock

Mountain Crest Acquisition Corp. V

Principal amount of $600,000 in promissory notes converted into 150,000 shares of common stock at $4.00/share effective April 19, 2024.
Sponsor receives demand and piggyback registration rights for 5 years after initial business combination.
Conversion eliminates $600,000 debt and was approved by audit committee.
Shares issued as unregistered securities under Section 4(a)(2) and Regulation D.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Mountain Crest Acquisition Corp. V entered into Note Conversion Agreement with Mountain Crest Global Holdings LLC valued at $600,000 (effective 2024-04-19).

Action: entry
Counterparty: Mountain Crest Global Holdings LLC
Value: $600,000
Effective: 2024-04-19

Exact text from the filing

On April 19, 2024, 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 Principal Amount due under the Notes into 150,000 shares of the Company’s common stock

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Mountain Crest Acquisition Corp. V filing history →

Source: SEC EDGAR

accession 0001829126-24-002749

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