Mountain Crest Acquisition Corp. V (MCAG): debt financing — Mountain Crest Acquisition Corp. V issues $300K promissory note to sponsor for working capital

Mountain Crest Acquisition Corp. V

Unsecured note of up to $300,000 issued April 30, 2024 to sponsor Mountain Crest Global Holdings LLC.
Note bears no interest; principal due at earlier of initial business combination or liquidation.
Proceeds used for working capital; note forgiven if no business combination except funds outside trust.
Sponsor waives any claim against the trust account established from the IPO proceeds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Mountain Crest Acquisition Corp. V incurred loan of up to $300,000 with Mountain Crest Global Holdings LLC at does not bear interest maturing 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 a b.

Instrument: loan
Principal: up to $300,000
Counterparty: Mountain Crest Global Holdings LLC
Rate: does not bear interest
Maturity: 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 a b
Event: incurrence

Exact text from the filing

On April 30, 2024, Mountain Crest Acquisition Corp. V (the "Company") issued an unsecured promissory note in the aggregate principal amount up to $300,000 (the "Note") to Mountain Crest Global Holdings LLC, the Company's sponsor (the "Sponsor").

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Mountain Crest Acquisition Corp. V filing history →

Source: SEC EDGAR

accession 0001829126-24-002971

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