Mountain Crest Acquisition Corp V 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember 31, 2025 or ☐TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number:001-40418 MOUNTAIN CREST ACQUISITION CORP. V(Exact name of registrant as specified in its charter) Delaware86-2435859(State or other jurisdiction of(I.R.S. Employer incorporation or organization)Identification No.) 524 Broadway 11th FloorNew York, NY10012(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code:(646) 493-6558 Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Exchange Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes☒No☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not containedherein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10-K.☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☒No☐ As of June30, 2025, the last day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of theregistrant’s common stock held by non-affiliates of the registrant was approximately $10,232,935.44, computed by reference to the closingprice for the common stock on June30, 2025, as reported on The Nasdaq Capital Market. The number of shares outstanding of the Registrant’s shares of common stock as of March13, 2026 was 2,873,023, $0.0001 par value pershare, issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE None. MOUNTAIN CREST ACQUISITION CORP. V Annual Report on Form 10-K for the Fiscal Year Ended December31, 2025 PART I1ITEM 1.BUSINESS1ITEM 1A.RISK FACTORS21ITEM 1B.UNRESOLVED STAFF COMMENTS21ITEM 1CCYBERSECURITY21ITEM 2.PROPERTIES21ITEM 3.LEGAL PROCEEDINGS21ITEM 4.MINE SAFETY DISCLOSURES21PART II22ITEM 5.MARKETFOR REGISTRANT’S COMMON EQUITY,RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES22ITEM 6.[RESERVED]24ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS24ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK34ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA34ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE34ITEM 9A.CONTROLS AND PROCEDURES34ITEM 9B.OTHER INFORMATION35ITEM 9CDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREV