Suying Liu's SPAC Mountain Crest Acquisition V prices $60 million IPO

Mountain Crest Acquisition V, the fifth blank check company formed by Suying Liu, raised $60 million on Friday by offering 6.0 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 acquisition. The company originally filed to raise $50 million, before upsizing the offering.

Mountain Crest Acquisition V 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.

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 plans to list on the Nasdaq under the symbol MCAGU. Chardan Capital Markets acted as sole bookrunner on the deal.