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

Mountain Crest Acquisition III, the third blank check company formed by Suying Liu targeting North American businesses, raised $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.

Mountain Crest Acquisition III is led by CEO, CFO, and Chairman Suying Liu, the former Head of Corporate Strategy at Hudson Capital Chief Strategist of Mansion Capital. Liu's previous SPACs include Mountain Crest Acquisition II (MCAD; +0% from $10 offer price), which has a pending merger agreement with digital therapeutics company Better Therapeutics, and Mountain Crest Acquisition, which completed its combination with Playboy Enterprises (PLBY; +385%) in February 2021.

Mountain Crest Acquisition III plans to target North American businesses with strong cash operating cash flow or that are nearing strong operating cash flow. 

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