Mountain Crest Acquisition Corp. V (MCAG) is a Delaware blank-check SPAC with a mandatory liquidation deadline of November 16, 2026. As of March 31, 2026, the liquidation recovery posture is severely negative and deteriorating. The company carries essentially no tangible operating assets: cash outside the Trust Account is $97,101 (100% recoverable), and the Trust Account holds $848,031 in a money market mutual fund (Level 1, 100% recoverable under the grantor trust structure). Total liquidatable assets outside the trust approximate $97k. Against these assets, the liability stack is material relative to available resources: sponsor-related unsecured promissory notes outstanding total $1,050,000 ($300k April 2024 Note, $500k August 2024 Note, $500k April 2025 Note, and $250k drawn on the December 2025 Note), all non-interest-bearing and structurally subordinated to the trust in a liquidation scenario — repayable only from amounts outside the trust. The deferred underwriting commission of $2,070,000 is contingent on business combination close and would not be triggered in a wind-up, but accrued professional fees and administrative support obligations ($10k/month) continue to run. The company reports going concern doubt explicitly under ASU 2014-15. Management has recorded no liquidation adjustments to carrying values. The MFFAIS-reported liquidation value of negative $2,228,644 is consistent with the balance sheet: trust assets of ~$848k are ring-fenced for the 72,123 public shares at a redemption price of $11.64/share (aggregate redemption claim of ~$839k), leaving approximately zero or negative net assets for non-redeemable common stockholders after settling sponsor notes from the only available pool — cash outside the trust ($97k vs. $1,050k of sponsor notes). Since this SPAC was delisted from Nasdaq in November 2024 and is now OTC Pink, access to capital markets for extension deposits or deal financing is severely constrained. The BCA with CUBEBIO Co., Ltd. (Korea) signed August 2024 remains open; a May 15, 2025 outside date has already passed with no disclosed termination. The filing does not disclose whether the BCA is still in force. Filing discusses the excise tax reversal of $225,426 in MD&A but this occurred in a prior period (Q4 2025) and is reflected in the December 31, 2025 comparative balance. No XBRL tags were emitted in this filing's TAG_CONTEXT set.
▼ Community Notes