Mountain Crest Acquisition V and CUBEBIO announced that they entered into a non-binding term sheet for a proposed business combination through which CUBEBIO plans to list on the Nasdaq.
CUBEBIO is a Korea-based company with a technology that diagnoses cancer at an early stage using urine.
Based on the non-binding term sheet, the pre-transaction equity value of CUBEBIO for the proposed business combination is $620 million, subject to adjustment depending on additional due diligence by Mountain Crest V and market conditions.
Global Fund, a Washington D.C.-based advisory firm specializing in SPAC and DeSPAC transactions in the U.S., has been engaged by CUBEBIO to advise in connection with the proposed deal.
The SPAC’s shareholders redeemed more than 92% of the trust on an extension vote a year ago. Mountain Crest V had raised $69 million in a November 2021 IPO. Read more.
