Mountain Crest Acquisition III registered with the SEC to offer 5 million units at $10 each.
A unit consists of one share of common stock and one right to receive one-tenth of a share of common stock upon completion of an initial business combination.
Underwriters have a 45-day option to purchase up to 750,000 units over and above the initial offering to cover any over-allotments.
The deal size is the same as the sponsor’s Mountaincrest II, which closed its IPO in October. The first Mountaincrest SPAC closed a merger with Playboy in February.
Mountaincrest III plans to leverage its sponsor’s extended network with Asian consumer markets “by enabling potential business combination targets producing quality products in North America to tap into such consumer demand abroad,” according to the filing.
The SPAC is led by Chairman, CEO and CFO Dr. Suying Liu.
The SPAC has applied for a Nasdaq listing under MCAEU. Read more.
