Mountain Crest Acquisition Corp. V (NASDAQ:MCAG) announced in an 8-K that it has received a termination notice from biotech firm AUM Biosciences.
The SPAC did not disclose a reason for the breakup, but saw redemptions wipe out 92.33% of its trust during a May extension meeting, leaving it with $5.49 million post-vote. It originally brought in about $69 million into the deal through its trust and did not supplement this with a PIPE.
Mountain Crest V initially announced the $400 million combination in October 2022. Singapore-based AUM is working to develop a range of drugs that could improve the effectiveness of cancer treatments with its most advanced candidates entering Phase II.
It is unclear whether the SPAC will continue its search for an alternative target to combine with or liquidate, but it has until February 16, 2024 to decide.
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