Mountain Crest Acquisition Corp. V
Mountain Crest Acquisition Corp. V is a special purpose acquisition company formed to identify and merge with a private operating business. It has not conducted commercial operations or generated operating revenue; its activity has centered on the IPO trust account, public-company compliance, and pursuing a business combination that was later terminated with AUM Biosciences.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueA listed acquisition shell that raises cash in an IPO and seeks a target business to merge with.
Customers
The company does not sell products or services to end customers in the normal operating sense. Its economic counterparties are public-market investors, the sponsor, underwriters, and any prospective merger target that would become the operating business after a business combination. The terminated AUM Biosciences transaction shows that its core 'customer' relationship is really the negotiation and execution of a de-SPAC deal.
Investors who purchased IPO units and hold redeemable shares while waiting for a business combination.
Mountain Crest Global Holdings LLC provides capital support and may fund working capital through notes.
Private operating businesses that may combine with the SPAC to access public markets.
Parties that earn fees for the IPO and transaction process, including deferred underwriting commissions.
Strategy
The company’s strategy is to complete a business combination with a suitable operating target and convert from a shell into an operating public company. The disclosed AUM Biosciences process shows the practical focus: sourcing a target, negotiating terms, obtaining shareholder approval, and managing redemption risk before closing. Until a transaction closes, preserving trust-account value and controlling public-company costs remain the main priorities.
The company has no operating business until it closes a merger with a target.
The SPAC must fund legal, audit, and diligence costs before any deal closes.
Trust proceeds are the main source of value for shareholders and deal funding.
Geography
Mountain Crest Acquisition Corp. V is incorporated and listed in the United States, and its cash management, reporting, and sponsor arrangements are U.S.-based. The only disclosed operating footprint in the excerpts is the cross-border target process, including a Cayman Islands holding company, a Singapore subsidiary, and a Delaware merger sub for the proposed AUM Biosciences transaction. Geography matters mainly because the company’s future business depends on where the eventual target is organized and operates, not on current operating revenue.
Risks
The company’s main risk is that it may fail to complete a business combination, which would leave it without an operating business and could force liquidation. It also faces redemption, financing, and transaction-execution risk because SPAC economics depend on shareholder approvals, target acceptance, and sufficient cash remaining after redemptions. Like other blank-check companies, it is exposed to regulatory, legal, and valuation risk around due diligence, deal terms, and the accounting for redeemable shares and deferred fees.
- Failure to complete a business combinationImpact: CriticalLikelihood: Medium
The company has no operating revenues and depends on closing a merger to create value.
Exposure: All shareholder value is tied to transaction completion.
- Transaction execution and target riskImpact: HighLikelihood: Low
The terminated AUM Biosciences deal shows that negotiations can fail even after amendments and proxy filing.
Exposure: Pipeline of potential targets and closing certainty.
- Shareholder redemptionsImpact: High
High redemptions can shrink trust cash and make a target transaction harder to finance.
Exposure: IPO proceeds and deal funding capacity.
- Sponsor and working-capital dependenceImpact: High
The company relies on sponsor loans and support to cover ongoing expenses.
Exposure: Short-term liquidity before a merger closes.
Accounting
Judgemental itemsRedemption rights outside management control require temporary equity classification and affect book equity.
Impact: Changes reported equity and can distort leverage-style analysis.
Interest on marketable securities is the main recurring income before a merger.
Impact: Offsets operating costs and affects net loss volatility.
The $2.07 million deferred fee is payable only if a business combination closes.
Impact: Creates a contingent transaction cost tied to closing.
Borrowings from the sponsor fund working capital and may need repayment at closing or liquidation.
Impact: Affects liquidity and short-term liabilities.
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Last updated: 24/09/2026