Mountain Crest Acquisition V in an 8-K said the Nasdaq had accepted its plan to regain compliance for a continued listing on the exchange. The SPAC in May was warned that it faced delisting for falling below the minimum 1.1 million shares outstanding thereshold that the exchange requires for the Nasdaq Global.
Mountain Crest V now has until Nov. 14 to demonstrate it has the requisite shares outstanding for an ongoing Nasdaq listing.
Laast month AUM Biosciences called off its proposed merger with Mountain Crest V. Announced in October, the deal had a pre-money equity value of $400 million.
The SPAC’s shareholders redeemed more than 92% of the trust on an extension vote in May.
The SPAC’s termination deadline is February 2024. Read more.
