524 Broadway11th FloorNew York,NY10036(Address of principal executive offices)(646)493-6558(Issuer’s telephone number) Securities registered pursuant to Section12(b) of the Act: Check whether the issuer (1) filed all reports required to be filed by Section13 or 15(d) of the Exchange Act during the past 12 months(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☒No☐ As of May22, 2025, there were2,902,004shares of the Company’s common stock, including shares of common stock underlying theunits, $0.0001 par value per share, issued and outstanding. PART I - FINANCIAL INFORMATION MOUNTAIN CREST ACQUISITION CORP. VNOTES TO CONDENSED FINANCIAL STATEMENTSMARCH31, 2025(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 compelling 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 not 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 Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of205,000units (the “PrivateUnits”) at a price of $10.00per Private Unit in a private placement to Mountain Crest Global Holdings LLC (the “Sponsor”) 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 CompanyAct of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment 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. A Transaction costs amounted to $5,090,361consisting of $1,380,000of underwriting fees, $2,070,000of deferred underwriting fees and$1,640,361of other offering costs (which includes $1,383,617of Representative Shares (as defined in Note 6) at fair value. See Note MOUNTAIN CREST ACQUISITION CORP. VNOTES TO CONDENSED FINANCIAL STATEMENTSMARCH 31, 2025(Unaudited) 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