North America-focused SPAC Mountain Crest Acquisition II prices $50 million IPO at $10

Mountain Crest Acquisition II, a blank check company targeting a business in North America with under-researched assets, raised $50 million by offering 5 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the consummation of an initial business combination.

The company is led by CEO and Chairman Suying Liu, the former Head of Corporate Strategy at Hudson Capital Chief Strategist of Mansion Capital, and CFO and Director Dong Liu, who currently serves as CFO of Dongguan Zhishang Photoelectric Technology. The company plans to target private companies in North America that have positive operating cash flow or compelling economics and clear paths to positive operating cash flow, significant assets, and successful management teams. Additionally, it plans to focus on those with under-researched and underappreciated assets poised for significant growth once capitalized.

The pair's previous SPAC, Mountain Crest Acquisition (MCAC; +12% from $10 offer price), went public in June 2020 and is currently pending a combination with Playboy Enterprises.

Mountain Crest Acquisition II plans to list on the Nasdaq under the symbol MCADU. Chardan Capital Markets acted as a lead manager on the deal.