New York, NY, June 16, 2020 – Scarinci Hollenbeck’s Securities & Investment Banking law group successfully provided legal support to the underwriters of the offering of securities of Mountain Crest Acquisition Corp. which raised $50 million in an initial public offering (IPO) last week, selling 5 million units at $10 each. If the underwriters of the IPO exercise in full their 45-day option to buy an additional 750,000 units at the IPO price, proceeds would rise to $57.5 million.
Mountain Crest’s units trade on Nasdaq under the symbol MCACU, with each unit consisting of one ordinary share, plus one right to receive one-tenth of one share after the consummation of the company’s acquisition of a business entity. Using the proceeds from its IPO, Mountain Crest is currently looking to acquire a business or business entity located in North America.
A registration statement relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission (SEC) on June 4, 2020. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.
NYC Securities Offerings Attorneys
The firm’s Securities Offerings law group comprised of Dan Brecher, Jeffrey K. Cassin, and Paul A. Lieberman provided counsel to the IPO’s Underwriters, Chardan Capital Markets, LLC. and B. Riley FBR, Inc.
“This is another IPO in which we have represented the underwriter and sole-book-running manager, Chardan. The IPO market was certainly made more difficult by the onset of the pandemic, so it is a good sign for the health of the U.S. economy that offerings like this can be successful,” stated Dan Brecher.
About Mountain Crest Acquisition Corp.
Mountain Crest Acquisition Corp is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Mountain Crest Acquisition Corp's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in North America. Learn more about Mountain Crest Acquisition Corp at: https://www.renaissancecapital.com/Profile/MCACU/Mountain-Crest-Acq/IPO