Exhibit 99.1
Mountain Crest Acquisition Corp. V
BALANCE SHEET
| November 16, | Pro Forma Adjustments | As Adjusted | ||||||||||
| 2021 | (unaudited) | (unaudited) | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS | ||||||||||||
| Cash | $ | 610,839 | $ | - | $ | 610,839 | ||||||
| Prepaid expenses | 29,200 | - | 29,200 | |||||||||
| Cash held in Trust | 60,000,000 | 9,000,000 | (a) | 69,000,000 | ||||||||
| 180,000 | (b) | |||||||||||
| (180,000 | )(c) | |||||||||||
| Total current assets | 60,640,039 | 9,000,000 | 69,640,039 | |||||||||
| TOTAL ASSETS | $ | 60,640,039 | $ | 9,000,000 | $ | 69,640,039 | ||||||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Accrued offering costs | $ | 22,873 | $ | - | $ | 22,873 | ||||||
| Total current liabilities | 22,873 | - | 22,873 | |||||||||
| Deferred underwriting fee payable | 1,800,000 | 270,000 | (d) | 2,070,000 | ||||||||
| TOTAL LIABILITIES | 1,822,873 | 270,000 | 2,092,873 | |||||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||||||
| Common stock subject to possible redemption, $0.0001 par value, 6,000,000 and 6,900,000 shares at redemption value of $10.00 per share, respectively. | 60,000,000 | 9,000,000 | (e) | 69,000,000 | ||||||||
| STOCKHOLDERS' DEFICIT | ||||||||||||
| Common Stock; $0.0001 par value; 30,000,000 shares authorized; 2,107,900 and 2,125,900 shares issued and outstanding (excluding 6,000,000 and 6,900,000 shares subject to possible redemption). | 211 | 2 | 213 | |||||||||
| 90 | (a) | |||||||||||
| 2 | (b) | |||||||||||
| (90 | )(e) | |||||||||||
| Additional paid-in capital | — | (— | ) | — | ||||||||
| 8,999,910 | (a) | |||||||||||
| 179,998 | (b) | |||||||||||
| (180,000 | )(c) | |||||||||||
| (270,000 | )(d) | |||||||||||
| (8,729,908 | )(e) | |||||||||||
| Accumulated deficit | (1,183,045 | ) | (270,002 | )(e) | (1,453,047 | ) | ||||||
| Total stockholders' deficit | (1,182,834 | ) | (270,000 | ) | (1,452,834 | ) | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ | 60,640,039 | $ | 9,000,000 | $ | 69,640,039 | ||||||
The accompany notes are an integral part of the financial statement
NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION (UNAUDITED)
The accompanying unaudited Pro Forma Balance Sheet presents the unaudited Balance Sheet of Mountain Crest Acquisition Corp. V (the “Company”) as of November 16, 2021, adjusted for the closing of the underwriters’ over-allotment option (the “Over-allotment”) and related transactions, which occurred on November 18, 2021 as described below.
On November 16, 2021, the Company consummated its initial public offering (the “IPO”) of 6,000,000 units (the “Units”). Each Unit consists of one share of common stock the Company, par value $0.0001 per share (the “Common stock”) and one share of common stock and one right (“Public Right”). Each Public Right entitles the holder to receive one-tenth of one share of common stock at the closing of a Business Combination. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $60,000,000.
Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 205,000 Private Units, at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,050,000, in a private placement. The Sponsor also agreed to purchase an additional 18,000 Private Units, at a price of $10.00 per Private Unit, or $180,000 in the aggregate in connection with the underwriters’ full exercise of their over-allotment option, if applicable. Each Private Unit consists of one share of common stock (“Private Share”) and one right (“Private Right”). Each Private Right entitles the holder to receive one-tenth of one share of common stock at the closing of a Business Combination. The proceeds from the Private Units were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.
The Company granted the underwriters a 45-day option to purchase up to 900,000 Units to cover Over-allotment, if any. As of November 18, 2021, the Underwriters had fully exercised the option and purchased 900,000 additional Units (the “Over-allotment Units”), generating gross proceeds of $9,000,000.
Upon the closing of the Over-allotment on November 18, 2021, the Company consummated a private sale of an additional 18,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating gross proceeds of $180,000. As of November 18, 2021, a total of $69,000,000 of the net proceeds from the IPO (including the Over-allotment Units) and the sale of Private Placement Units was placed in a U.S.-based trust account. As the over-allotment option was fully exercised, no portion of the Private Units are subject to forfeiture.
Unaudited Pro forma adjustments to reflect the exercise of the underwriters’ Over-allotment option described above are as follows:
| Pro-forma entries: | Debit | Credit | ||||||||
| (a) | Cash held in trust | 9,000,000 | ||||||||
| Common Stock | 90 | |||||||||
| Additional paid-in capital | 8,999,910 | |||||||||
| To record the sale of 900,000 over-allotment Units at $10.00 per Unit on November 18, 2021 | ||||||||||
| (b) | Cash held in trust | 180,000 | ||||||||
| Common Stock | 2 | |||||||||
| Additional paid-in capital | 179,998 | |||||||||
| To record the sale of 18,000 over-allotment Private Placement Units at $10.00 per Unit on November 18, 2021 | ||||||||||
| (c) | Additional paid-in capital | 180,000 | ||||||||
| Cash held in trust | 180,000 | |||||||||
| To record the payment of underwriting fees arising from the sale of the over-allotment Units | ||||||||||
| (d) | Additional paid-in capital | 270,000 | ||||||||
| Deferred underwriting fee payable | 270,000 | |||||||||
| To record the payment of deferred underwriting fees arising from the sale of the over-allotment Units | ||||||||||
| (e) | Common Stock | 90 | ||||||||
| Additional paid-in capital | 8,729,908 | |||||||||
| Retained earnings | 270,002 | |||||||||
| Common stock subject to redemption | 9,000,000 | |||||||||
| To record the change in common stock subject to redemption from the sale of the over-allotment Units | ||||||||||
