Mountain Crest Acquisition III closed its IPO of 5 million units at $10 each.
A unit consists of one share of common stock and one right to receive one-tenth of one share of common stock upon the consummation of an initial business combination.
Units liste on the Nasdaq under MCAEU. Once the securities comprising the units begin separate trading, stock and rights are expected to list under MCAE, and MCAER, respectively.
The underwriters have a 45-day option to purchase up to an additional 750,000 units to cover any over-allotments. Chardan was sole book-running manager for the offering.
The SPAC said it 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.” Read more.
