Mountain Crest Acquisition Corp. V has reported its financial results for the first quarter of 2026, revealing a net loss of $113,975, a decrease from a net loss of $181,378 in the same period of the previous year. The company’s general and administrative expenses for the quarter were $120,046, down from $191,225 in the prior year, indicating a reduction in operational costs. Interest income from investments held in the Trust Account amounted to $7,392, compared to $12,119 in the previous year, reflecting a decline in earnings from these investments.
As of March 31, 2026, Mountain Crest's total assets stood at $986,588, an increase from $873,566 at the end of 2025. The company reported current assets of $138,557, significantly up from $32,927 at the end of the previous fiscal year, primarily due to an increase in cash holdings, which rose to $97,101 from $11,909. However, total liabilities also increased to $3,949,459 from $3,722,462, driven by a rise in accounts payable and accrued expenses, which totaled $245,394, down from $270,977.
The company has not yet completed any business combinations since its inception in April 2021. It continues to focus on identifying potential target companies for acquisition, particularly in North America and the Asia Pacific regions. As part of its strategic developments, Mountain Crest has entered into a Business Combination Agreement with CUBEBIO Co., Ltd., which is expected to be finalized by May 15, 2025. The company has also extended its Combination Period to November 16, 2024, allowing more time to complete this transaction.
Operationally, Mountain Crest has seen fluctuations in its stockholder base, with 72,123 shares subject to possible redemption as of March 31, 2026. The company has experienced several redemptions in recent months, including 1,405,134 shares redeemed in May 2023 and 418,217 shares in November 2024. The company’s cash position outside the Trust Account is $97,101, which it plans to use for working capital and transaction costs related to its business combination efforts.
Looking ahead, Mountain Crest Acquisition Corp. V faces significant challenges in completing its proposed business combination by the extended deadline. The company has expressed uncertainty regarding its ability to consummate a business combination by November 16, 2026, which raises concerns about its ability to continue as a going concern. Management has indicated that if a business combination is not completed by this date, the company will be required to liquidate and dissolve.
About Mountain Crest Acquisition Corp. V
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