Mountain Crest Acquisition 6, the sixth blank check company formed by Suying Liu targeting businesses in North America and Asia Pacific, raised $60 million by offering 6 million units at $10. Each unit consists of one share of common stock and one right to receive one-fourth of one ordinary share upon the consummation of an initial business combination.
Mountain Crest Acquisition 6 is led by CEO, CFO, and Chairman Suying Liu, the former Head of Corporate Strategy at Hudson Capital and former Chief Strategist of Mansion Capital.
Liu has led several SPACs, including four that priced IPOs in 2021. His previous SPAC, Mountain Crest Acquisition V (OTC: MCAG), went public in 2021, and has a pending merger with diagnostics company CUBEBIO. Mountain Crest Acquisition IV merged with auto manufacturer CH-AUTO (former ticker: MCAF), which ultimately did not list on an exchange. Mountain Crest Acquisition III merged with digital healthcare platform ETAO International (OTC: ETAOF, -99.9% from offer price) in 2023. Mountain Crest Acquisition II merged with digital therapeutics company Better Therapeutics (OTC: BTTX, -99.9%) in 2021. Liu's first SPAC, Mountain Crest Acquisition, brought public Playboy Enterprises (Nasdaq: PLBY) in 2021, which briefly spiked to around $50 during the height of the SPAC craze, but last closed at $1.72 (-82.8% from offer).
The SPAC intends to target businesses that have potential for revenue growth and/or operating margin expansion with recurring revenue and cash flow, and strong market positions. It states that it expects to take advantage of its sponsor’s extended network with Asian consumer markets by enabling potential business combination targets producing quality products in North America to tap into such consumer demand abroad.
The New York, NY-based company will trade on the Nasdaq under the symbol MCAHU. D. Boral Capital acted as sole bookrunner on the deal.
