Mountain Crest Acquisition Corp. III (NASDAQ:MCAE) announced this afternoon that it has closed its combination with healthcare firm ETAO International Group.
MCAE shareholders approved the combination during a special meeting held last week on February 7, but at the time, the SPAC did not divulge a timeline for the closing of the deal.
The securities of ETAO International Co., the parent holding company of the resulting combined company, will start trading its shares on Nasdaq under the ticker symbol “ETAO” on February 21, 2023.
The parties announced their business combination in January 2022 at an original valuation of $2.5 billion. But, Mountain Crest amended the deal in June to reduce ETAO’s valuation to just $1 billion due to unfavorable market conditions and failure to close a private placement of $51 million.
The SPAC originally brought $54.1 million into the deal supplemented by a $250 million PIPE at $10 per share with commitments from the China SME Investment Group. Beijing-based ETAO is a diversified healthcare group managing 12 hospitals, about 30 chain clinics and an insurance brokerage.
EIG’s management team, led by Founder and Chief Executive Officer, Wilson Liu, will lead the combined company, along with Chief Financial Officer, David Muson.
ADVISORS
- Revere Securities LLC is acting as capital markets advisor to Mountain Crest III.
- Sichenzia Ross Ference LLP is acting as legal counsel to ETAO in the transaction.
- Loeb & Loeb LLP is acting as legal counsel to Mountain Crest III.
Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...