山巅收购 Corp 2025年季度报告

the past 90 days.Yes☒No☐ company”, and “emerging growth company” in Rule12b-2 of the Exchange Act.Large accelerated filer☐Accelerated filer☐ Emerging growth company☒If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☒No☐ TABLE OF CONTENTS Condensed Statements of Changes in Stockholders’ Deficit for the three months ended March 31, 2025 and 2024(Unaudited)Condensed Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited) Part II. Other InformationItem 1. Legal Proceedings Accretion for common stock subject to redemption amount Prepaid expenses$6,667$Accounts payable and accrued expenses$6,667$The accompanying notes are an integral part of the unaudited condensed financial statements. (Unaudited)NOTE 1.DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Mountain Crest Acquisition Corp. V (the “Company”) is a blank check company that was incorporated in Delaware on April8, 2021.The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,reorganization or similar Business Combination with one or more businesses (the “Business Combination”). Although the Company isnot limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to focus itssearch on private companies in North America and Asia Pacific regions that have positive operating cash flow or compellingeconomics and clear paths to positive operating cash flow, significant assets, and successful management teams that are seeking access As of March31, 2025, the Company had not commenced any operations. All activity for the period from April8, 2021 (inception)through March 31, 2025 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is describedbelow, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will notgenerate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company willgenerate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering was declared effective on November12, 2021. On November16,2021, the Company consummated the Initial Public Offering of6,000,000units (the “Units”) and, with respect to the shares ofcommon stock, par value $0.0001per share (the “Common Stock”) included in the Units sold, the public shares sold in the Initial Following the closing of theInitial Public Offering on November16, 2021, an amount of $60,000,000 ($10.00 per Unit) from the netproceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Units was placed in a trust account (the “TrustAccount”), which was invested in money market funds, within the meaning set forth in Section2(a)(16) of the Investment Company determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds inthe Trust Account as described below.On November18, 2021, the underwriters fully exercised their over-allotment option, resulting in an additional900,000Units issuedfor an aggregate amount of $9,000,000. In connection with the underwriters’ full exercise of their over-allotment option, the Companyalso consummated the sale of an additional18,000Private Units at $10.00per Private Unit, generating total proceeds of $180,000. Anet total of $9,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to 5 The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial PublicOffering and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally towardconsummating a Business Combination. The Company’s initial Business Combination must be with one or more target businesses thattogether have a fair market value equal to at least80% of the balance in the Trust Account (as defined below) (less any deferredunderwriting commissions and net of amounts previously released to the Company to pay its tax obligations) at the time of the signingof an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-BusinessCombination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially$10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and