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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
June
27, 2023
Date
of Report (Date of earliest event reported)
Mountain Crest Acquisition Corp. V
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
001-41062 |
|
86-1768041 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
311 West 43rd Street, 12th Floor
New York, NY |
|
10036 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (646) 493 6558
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
MCAG |
|
The Nasdaq Stock Market LLC |
Rights |
|
MCAGR |
|
The Nasdaq Stock Market LLC |
Units |
|
MCAGU |
|
The Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing rule or Standard; Transfer of Listing.
On
June 27, 2023, Mountain Crest Acquisition Corp. V, a Delaware corporation (the “Company”), received a notice (the “Notice”)
from the Nasdaq Stock Market LLC (“Nasdaq”), stating that the Company’s listed securities failed to maintain a minimum
Market Value of Publicly Held Shares (“MVPHS”) of $15,000,000 which is a requirement for continued listing on The Nasdaq
Global Market in accordance with Nasdaq Listing Rule 5450(b)(3)(C) (the “MVPHS Requirement”) based upon the Company’s
MVPHS for the 30 consecutive business days prior to the date of the Notice.
The
Notice has no immediate effect on the listing of the Company’s securities on Nasdaq. The Company has been provided 180 calendar
days, or until December 26, 2023, to submit a plan to Nasdaq to regain compliance. To regain compliance, the Company must maintain a
minimum MVPHS of $15,000,000. Alternatively, the Company may consider applying for a transfer to The Nasdaq Capital Market.
As
previously disclosed, on April 3, 2023, the Company received a notice from the Nasdaq, stating that the Company’s listed securities
failed to comply with the $50,000,000 market value of listed securities (“MVLS”) requirement for continued listing on The
Nasdaq Global Market in accordance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Requirement”) based upon the Company’s
MVLS for the 30 consecutive business days prior to the date of the notice. The Company has submitted its application for the transfer
to The Nasdaq Capital Market.
As
previously disclosed, on May 18, 2023, the Company received a second notice from Nasdaq, stating that the Company no longer satisfies
the requirement to maintain a minimum of 1,100,000 publicly held shares (the “PHS Requirement”) for continued listing on
The Nasdaq Global Market, according to the number of publicly held shares reported on its Form 8-K for May 12, 2023. The Company has
been provided 45 calendar days, or until July 3, 2023, to submit a plan to Nasdaq to regain compliance with the PHS Requirement. If the
plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Notice, or until November 14, 2023, to
evidence compliance with the PHS Requirement. If the plan is not accepted, the Company will have the right to appeal, and the Company’s
securities would remain listed on The Nasdaq Global Market until completion of the appeal process. The Company has submitted a plan with
Nasdaq on June 30, 2023.
There
can be no assurance that the Company will be able to regain compliance with the MVPHS Requirement, the MVLS Requirement and the PHS Requirement,
maintain compliance with the other Nasdaq continued listing requirements or transfer to The Nasdaq Capital Market, or whether Nasdaq
will accept its compliance plan and grant an extension of up to 180 calendar days to evidence compliance with the PHS Requirement.
No
Offer or Solicitation
This
Current Report on Form 8-K is for informational purposes only and is not intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to any securities or in respect of an initial business combination or
PIPE financing and is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation
of an offer to buy or subscribe for any securities or a solicitation of any vote of approval, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated:
June 30, 2023 |
|
|
|
MOUNTAIN
CREST ACQUISITION CORP. V |
|
|
|
By: |
/s/
Suying Liu |
|
Name: |
Suying
Liu |
|
Title: |
Chief
Executive Officer |
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