Item 8.01. Other Events.
As previously disclosed on a Current Report on Form 8-K dated May 26, 2021, on
May 20, 2021 Mountain Crest Acquisition Corp. III (the "Company"), consummated
its initial public offering ("IPO") of 5,000,000 units (the "Units"). Each Unit
consists of one share of common stock, $0.0001 par value ("Common Stock"), and
one right ("Right") to receive one-tenth (1/10) of a share of common stock upon
the consummation of an initial business combination. The Units were sold at an
offering price of $10.00 per Unit, generating gross proceeds of $50,000,000. The
Company granted the underwriters a 45-day option to purchase up to 750,000
additional Units to cover over-allotments, if any.
As also previously disclosed in the Current Report, simultaneously with the
closing of the IPO, the Company consummated the private placement ("Private
Placement") of 185,000 units (the "Private Units") at a price of $10.00 per
Private Unit, generating total proceeds of $1,850,000.
Subsequently, on June 10, 2021, the underwriters exercised the over-allotment
option in part, and the closing of the issuance and sale of the additional Units
occurred (the "Over-Allotment Option Units") on June 14, 2021. The total
aggregate issuance by the Company of 417,193 units at a price of $10.00 per unit
resulted in total gross proceeds of $4,171,930. On June 14, 2021, simultaneously
with the sale of the Over-Allotment Option Units, the Company consummated the
private sale of an additional 8,343 Private Units, generating gross proceeds of
$83,430. The Private Units were issued pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended, as the transactions did not involve a public
offering.
On June 14, 2021, the underwriters canceled the remainder of the over-allotment
option. In connection with the cancellation of the remainder of the
over-allotment option, the Company has canceled an aggregate of 83,202 shares of
Common Stock issued to certain stockholder of the Company prior to the IPO and
Private Placement.
A total of $54,171,930 of the net proceeds from the sale of Units in the initial
public offering (including the Over-Allotment Option Units) and the Private
Placements on May 20, 2021 and June 14, 2021, were placed in a trust account
established for the benefit of the Company's public shareholders. Included with
this report as Exhibit 99.1 is a pro-forma balance sheet reflecting the exercise
of the over-allotment option.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Unaudited Pro Forma Balance Sheet dated May 20, 2021
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MOUNTAIN CREST ACQUISITION CORP. III 
