secwatch.observer — SEC 8-K summary
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Issuer:     Mountain Crest Acquisition Corp. V (MCAG)
CIK:        0001859035
Form:       8-K
Filed at:   2024-08-15T23:59:59+00:00
Accession:  0001829126-24-005553
Event type: debt
Sentiment:  neutral
Materiality: 0.25
Item codes: 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MCAG obtains up to $500K unsecured promissory note from sponsor
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- Note for up to $500K issued to sponsor Mountain Crest Global Holdings LLC on Aug 14, 2024.
- Interest-free; principal due at earlier of business combination or liquidation.
- Proceeds used for working capital; note forgiven if no business combination (except funds outside trust).
- Drawdowns permitted via written notice; no prepayment penalty.
- Typical SPAC working capital facility, no change to business combination timeline.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1859035/000182912624005553/0001829126-24-005553-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1859035/000182912624005553/mountaincrest5_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-24-005553

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer