share_log

CUBEBIO Co., Ltd. Entered Into Terms Relating To A Potential Business Combination With Mountain Crest Acquisition Corp. V

Benzinga ·  May 2 21:14

Mountain Crest Acquisition Corp. V, a Delaware corporation ("Mountain Crest V"), that is a Nasdaq-listed (NASDAQ:MCAG) special purpose acquisition company ("SPAC"), and CUBEBIO Co., Ltd., a Korea-based company ("CUBEBIO"), which has an innovative technology that diagnoses cancer at an early stage using urine, today announced that the parties entered into a non-binding term sheet on April 26, 2024 for a proposed business combination through which CUBEBIO plans to become a public company with its securities listed on The Nasdaq Stock Market. Mountain Crest V is the fifth vehicle in the Mountain Crest family of SPACs, the management of which has successfully completed four prior SPAC business combinations.

Based on the non-binding term sheet, the pre-transaction equity value of CUBEBIO for the proposed business combination is $620 million, subject to adjustment depending on additional due diligence by Mountain Crest V and market conditions.

Global Fund LLC, a Washington D.C.-based advisory firm specializing in SPAC and DeSPAC transactions in the U.S., has been engaged by CUBEBIO to advise CUBEBIO in connection with the proposed business combination.

Dr. Suying Liu, Chairman, CEO and CFO of Mountain Crest V commented, "CUBEBIO's innovative diagnostic technology for cancer detection and active commercialization with contract in place point to significant growth potential. We are excited to be partnering with CUBEBIO on this proposed business combination."

Eun-jong Choi, CEO of CUBEBIO emphasized, "We expect to execute a definitive merger agreement with Mountain Crest V, faithfully carry out the process for completing the business combination, and grow CUBEBIO into a global company by increasing corporate value."

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment