Recent developments include MCAG's notifications from Nasdaq regarding delayed SEC filings and its progress in regaining compliance, as well as the announcement of a business combination agreement with CUBEBIO Co., Ltd. The company also completed a listing transfer to the Nasdaq Capital Market.

• Mountain Crest Acquisition Corp. V received a notification of deficiency from Nasdaq related to delayed filing of quarterly reports on Form 10-Q and is making progress towards regaining compliance [N1].
• The company announced a business combination agreement with CUBEBIO Co., Ltd. to become publicly listed [N2].
• MCAG received a notification of deficiency from Nasdaq related to delayed filing of annual and quarterly reports [N3].
• CUBEBIO Co., Ltd. entered into terms relating to a potential business combination with Mountain Crest Acquisition Corp. V [N4].
• MCAG announced its listing transfer to the Nasdaq Capital Market effective October 27, 2023 [N5].

MCAG's experienced management and board have established relationships and deal-making expertise that can facilitate identifying attractive business combination targets. The definitive agreement with CUBEBIO, a company with innovative cancer detection technology, represents a significant step toward completing a business combination and creating public market value. The company's transfer to the Nasdaq Capital Market and progress in addressing Nasdaq compliance issues demonstrate operational and regulatory progress. The trust account and working capital provide financial resources to support transaction completion and initial operations post-combination.

MCAG has faced multiple Nasdaq deficiency notifications related to delayed SEC filings, indicating challenges in regulatory compliance and reporting timeliness. The company's liquidity ratios as of March 31, 2026, show limited current assets relative to current liabilities, suggesting potential working capital constraints. The business combination period has been extended multiple times, reflecting delays in completing a transaction. Geopolitical risks and market volatility may adversely affect the company's ability to identify and consummate a business combination. Failure to complete a business combination by the mandatory liquidation date could result in dissolution and loss of shareholder value.

As a special purpose acquisition company, MCAG's competitive advantage lies in its management team's experience and network, which supports sourcing and executing business combinations. The company's focus on underappreciated or under-researched targets in North America and Asia Pacific (excluding China) leverages its board's relationships and strategic positioning bridging these markets. However, as a blank check company without operating revenues or assets beyond its trust account and working capital, its moat is primarily dependent on successful identification and execution of a business combination rather than proprietary products or services.

• Regulatory Compliance Risk: The company has received Nasdaq deficiency notices due to delayed SEC filings and must maintain compliance to avoid delisting risks.
• Liquidity Risk: As of March 31, 2026, MCAG's current ratio is 0.07 and cash ratio is 0.18, indicating limited liquidity to cover current liabilities.
• Business Combination Execution Risk: Delays and extensions in the business combination period highlight risks in identifying and closing a suitable transaction.
• Geopolitical and Market Risks: Ongoing global conflicts and market volatility may impact the company's ability to find and complete a business combination.

• Mountain Crest Acquisition Corp. V (MCAG) is a blank check company formed under Delaware law on April 8, 2021, for the purpose of effecting a business combination with one or more businesses, referred to as the initial business combination [S1].
• The company intends to pursue targets primarily in North America and Asia Pacific regions excluding China, and will not undertake business combinations with targets whose principal operations are in China including Hong Kong and Macau [S1].
• MCAG completed its initial public offering in November 2021, selling 6,900,000 units at $10.00 per unit [S1].
• The company has not engaged in any operations or generated revenues to date; its activities have been organizational and preparatory for the initial business combination [S1].
• MCAG's board and management have experience in deal making and operating public companies, led by Dr. Suying Liu who serves as Chairman, CEO, and CFO [S1].
• The company has entered into a definitive agreement with CUBEBIO Co., Ltd., a Korea-based in-vitro diagnostic company focused on early cancer detection via urine metabolite analysis, for a proposed business combination to take CUBEBIO public [N2][N4][S1].
• MCAG announced the listing transfer of its securities from The Nasdaq Global Market to The Nasdaq Capital Market effective October 27, 2023 [N5][S1].
• The company has received multiple notifications from Nasdaq related to delayed filings of required SEC reports (Form 10-K and Form 10-Q) and has submitted plans to regain compliance, with progress noted [N1][N3][S1].
• As of March 31, 2026, MCAG had cash and equivalents of $347,243 and current assets of $138,557, with current liabilities of $1,879,459, resulting in a current ratio of 0.07 and a cash ratio of 0.18, indicating liquidity constraints [S2].
• The company reported a net loss of $113,975 for the quarter ended March 31, 2026 [S2].
• MCAG has issued unsecured promissory notes to its Sponsor for working capital purposes, with amounts drawn and convertible into common stock under certain conditions [S1].
• The company has extended its business combination period multiple times, most recently to November 16, 2024, with deposits made to the trust account to extend the period [S1].
• MCAG's financial statements show general and administrative expenses and interest income from investments held in the trust account, with no operating revenues [S1].
• The company accounts for common stock subject to possible redemption as a liability and reports accumulated deficits [S1].
• MCAG's search for a business combination target is influenced by global geopolitical conditions, including conflicts in Ukraine and the Middle East, which may affect its ability to consummate a transaction [S2].