Suying Liu's SPAC Mountain Crest Acquisition III files for a $50 million IPO, following Playboy and Better Tx deals

Mountain Crest Acquisition III, the third blank check company formed by Suying Liu, filed on Tuesday with the SEC to raise up to $50 million in an initial public offering.

The New York, NY-based company plans to raise $50 million by offering 5 million units at $10. Each unit contains one share of common stock and one right to receive one-tenth of a share upon completion of an initial business combination. At the proposed deal size, Mountain Crest Acquisition III would command a market value of $65 million. 

Mountain Crest Acquisition III is led by CEO, CFO, and Chairman Suying Liu, the current CEO and Chairman of Mountain Crest Acquisition II (MCAD; -1% from $10 offer price), which announced an initial business combination with Better Therapeutics. Previously, Liu served as CEO and Chairman of Mountain Crest Acquisition from 2019 until it closed its business combination with PLBY Group (PLBY; +436%) in February 2021.

The company is targeting a business with strong cash operating cash flow or that is nearing strong operating cash flow in North America. 

Mountain Crest Acquisition III was founded in 2021 and plans to list on the Nasdaq under the symbol MCAEU. Chardan Capital Markets is the sole bookrunner on the deal.