Financial Performance - As of September 30, 2021, the Company had a net loss of $2,200, consisting of operating costs of $1,000 and estimated franchise taxes of $1,200[89]. - The Company has no long-term debt or off-balance sheet arrangements as of September 30, 2021[99][100]. - The Company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[88]. Initial Public Offering (IPO) - The Company completed its Initial Public Offering on November 16, 2021, generating gross proceeds of $60,000,000 from the sale of 6,000,000 units[91]. - Following the IPO, the total proceeds held in the Trust Account amounted to $69,000,000 after the underwriters fully exercised their over-allotment option[94]. - Transaction costs related to the IPO amounted to $4,640,361, including $1,200,000 in underwriting fees[93]. - Deferred offering costs incurred by the Company as of September 30, 2021, totaled $98,590[103]. Business Combination Plans - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business[97]. - The Company has until November 16, 2022, to consummate the proposed Business Combination, after which a mandatory liquidation may occur[90]. Cash Position - As of September 30, 2021, the Company had cash of $25,000 and $610,839 held outside of the Trust Account[98].
Mountain Crest Acquisition Corp. V(MCAGU) - 2021 Q3 - Quarterly Report