Mountain Crest Acquisition Corp. V Extends Business Combination Period

On November 8, 2024, Mountain Crest Acquisition Corp. V (NASDAQ: MCAGU) announced the approval of Amendment No. 4 during its annual meeting of stockholders. The amendment, approved by shareholders, modified the terms and extended the Business Combination Period deadline to November 16, 2025. This extension involved revising paragraph E of Article Sixth of the company’s Amended and Restated Certificate of Incorporation.

The stockholders, representing 75.25% of the outstanding common shares, voted in favor of the Extension Proposal, which aimed to extend the Business Combination Period. Additionally, the Director Proposal to elect Nelson Haight as a director until the 2027 annual meeting was approved by the same percentage of stockholders present, representing 75.25% of the outstanding common shares. Moreover, the Auditor Proposal to ratify the appointment of UHY LLP as the independent registered public accounting firm for the year ending December 31, 2024, was also approved by the stockholders.

At the annual meeting, 418,217 shares of the company’s publicly traded common stock were tendered for redemption. The company highlighted that this Current Report on Form 8-K is for informational purposes only and not intended to solicit proxies or offers related to securities. The Company emphasized that the document does not constitute an offer to sell, a solicitation of an offer to buy, or a solicitation of a vote of approval.

Following the announcement, Mountain Crest Acquisition Corp. V expressed its commitment to creating long-term value within its portfolio. The company reported positive results for the third quarter, marked by incremental Cash NOI growth, leasing success, and occupancy gains. Moreover, it disclosed plans to sell properties to strengthen its balance sheet, reduce leverage, and generate net proceeds for future investments in higher-yielding assets.

The company’s strategic portfolio management approach, focusing on tenant retention, property enhancements, and cost control, was instrumental in achieving these positive results. With ongoing efforts to divest select assets and pursue higher-yielding opportunities, Mountain Crest Acquisition Corp. V aims to unlock additional value for its shareholders.

In conclusion, the extension of the Business Combination Period and the successful approval of key proposals at the annual meeting signify Mountain Crest Acquisition Corp. V’s strategic direction towards enhancing shareholder value and optimizing its real estate portfolio.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mountain Crest Acquisition Corp. V’s 8K filing here.

About Mountain Crest Acquisition Corp. V

Mountain Crest Acquisition Corp. V does not have significant operations. It focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company intends to pursue target business opportunities in North America and the Asia Pacific region.