Suying Liu's SPAC Mountain Crest Acquisition V files for a $50 million IPO

Mountain Crest Acquisition V, the fifth blank check company formed by Suying Liu, filed on Thursday 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 consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination. At the proposed deal size, Mountain Crest Acquisition V would command a market value of $66 million.

Mountain Crest Acquisition V is led by CEO, CFO, and Chairman Suying Liu, the former Head of Corporate Strategy at Hudson Capital Chief Strategist of Mansion Capital. Liu has formed several SPACs. Mountain Crest Acquisition II (MCAD; +0%) has a pending merger agreement with digital therapeutics company Better Therapeutics, and Mountain Crest Acquisition completed its combination with Playboy Enterprises (PLBY; +135%) in February 2021. Two are currently looking for targets (MCAFU, MCAEU).

Mountain Crest Acquisition V plans to target businesses in North America and Asia Pacific (excluding China) with positive operating cash flow or compelling economics and clear paths to positive operating cash flow. 

Mountain Crest Acquisition V was founded in 2021 and plans to list on the Nasdaq under the symbol MCAGU. The company filed confidentially on June 14, 2021. Chardan Capital Markets is the sole bookrunner on the deal.