Mountain Crest Acquisition III priced its IPO of 5 million units at $10 each.
Units begin trading today on the Nasdaq under MCAEU. Each 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. 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.
The offering is expected to close May 20.
Mountaincrest III said in its initial registration statement that 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.
