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Mountain Crest Acquisition Corp II

MCAD · Nasdaq

Trust settledBetter Therapeutics, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Mountain Crest (Suying Liu), listed on Nasdaq in January 2021.
What it's doing now
It agreed to buy Better Therapeutics, Inc., a prescription digital therapeutics for cardiometabolic diseas company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Better Therapeutics, Inc. — Therapeutics Better Therapeutics is a prescription digital therapeutics (PDT) company developing a novel form of cognitive behavioral therapy (CBT) to address the root causes of cardiometabolic diseases.
Industry
Health Care — prescription digital therapeutics for cardiometabolic diseas
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
11 January 2021
size not on file
Headquarters
548 MARKET ST. #49404, SAN FRANCISCO, CA, 94101
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
PERRY DAVID P (Director) · Carmona Richard H (Director) · LAVIZZO-MOUREY RISA J (Director)
Listed securities
MCAD common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 11 January 2021IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

The score

deterministic, from filed fields

MCAD is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Mountain Crest Acquisition Corp II was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker MCAD. The company priced its IPO on January 11, 2021, under SEC file number 333-251557, an S-1 registration of shares sold for cash. The registrant was classified under SEC SIC industry code 8000 (Services-Health Services) and described itself as a blank check company in its 424B4 prospectus. On November 3, 2021, the company filed an 8-K reporting a change in shell company status under item 5.06, marking the completion of its business combination. EDGAR now files SEC CIK 0001832415 under the name Better Therapeutics, Inc., and the vehicle no longer files.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEF 14A16 October 20230001193125-23-256511opens on sec.gov in a new tab

    The stated test tells holders exactly what the split is for: keeping the stock above the $1.00 Nasdaq Capital Market threshold, which means it is trading at or below that level roughly two years after the de-SPAC. An adjournment proposal is included solely to gather more votes for the split, indicating management expects difficulty reaching the threshold. A reverse split leaves proportional ownership unchanged and does not add cash, so for a clinical-stage prescription digital therapeutics company the underlying question of funding the business remains unaddressed.

  • S-4/A7 October 20210001104659-21-123938opens on sec.gov in a new tab

    The fee table registers 15,200,000 shares against equity consideration the letter puts at approximately $152,000,000, but prices them under Rule 457(f)(2) at $536.02, one-third of the target's aggregate par value, the method for a private company with no market for its securities and an accumulated deficit. The $0.06 fee therefore says nothing about the size of the deal. A concurrent PIPE of 5,000,000 shares at $10 per share raises $50,000,000, and the filing expects BTX equityholders to hold about 54%, PIPE investors 18%, public stockholders 22% and the sponsor group 6%.

  • S-4/A4 October 20210001104659-21-122118opens on sec.gov in a new tab

    The $536.02 is a Rule 457(f)(2) construct rather than a valuation: BTX is private, no market exists for its securities and it has an accumulated deficit, so the offering price is one-third of the aggregate par value of the BTX securities expected to be exchanged. The only usable number in the table is 15,200,000, the ceiling on what MCAD issues and therefore the measure of dilution for a holder who does not redeem. Four amendments in, that ceiling is a single flat figure with no itemised build behind it.

  • S-4/A10 September 20210001104659-21-114328opens on sec.gov in a new tab

    The $536.02 is a Rule 457(f)(2) construct — BTX is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value of the securities to be exchanged, which is why the fee on a transaction of this kind is six cents. The 15,200,000 share count is the only usable figure, and it is described as consideration to holders of BTX common stock alone, with no option, warrant or earn-out line registered alongside it. The fee table misprints the par value as $0,0001.

  • S-4/A12 August 20210001104659-21-104248opens on sec.gov in a new tab

    15,695,909 shares is the entire consideration to Better Therapeutics' common stockholders, and the $485.30 is a par-value construct rather than a valuation — BTX is private, no market exists for its securities and it has an accumulated deficit — which is why the registration fee on the whole transaction is five cents. The table also mis-prints the par value as $0,0001, with a comma where the decimal point belongs, so the figure as rendered is not the one the rest of the document uses.

  • S-4/A13 July 20210001104659-21-091381opens on sec.gov in a new tab

    The $485.30 is a Rule 457(f)(2) construct — BTX is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value of the securities to be exchanged. That leaves 15,695,909 as the only usable figure in the table, and it is the ceiling on what a non-redeeming MCAD holder is diluted by. The special meeting date is left blank in this version, so no redemption deadline can be read from it.

Show 1 more material filings
  • S-423 April 20210001213900-21-022761opens on sec.gov in a new tab

    The registration fee is five cents. It is computed under Rule 457(f)(2) at one-third of the aggregate par value of the BTX securities being exchanged, because BTX is a private company with no market for its securities and an accumulated deficit, so the $485.30 proposed maximum aggregate offering price is a filing-fee construct rather than a valuation of anything. The only share figure a holder can use is the 15,695,909 in the fee table's note; the cover's prospectus line carries no number, and neither does the meeting date.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001193125-24-073823

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Health Services (8000)
Registered inDelaware
Exchange · CIKNasdaq · 0001832415

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

10 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

30 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail4 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

MCAD — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 8000 (Services-Health Services). The screen found it by filing SHAPE instead — S-1 2020-12-21 → 8-A12B 2021-01-07 → 424B4 2021-01-11 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 8000 + self-described blank check in 424B4 0001213900-21-001442; 424B 0001213900-21-001442 priced 2021-01-11 under S-1 0001213900-20-043878 (file 333-251557, an offering for cash); common ticker MCAD off 10-Q 0001104659-21-107860 (2021-08-20); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-251557, which belongs to S-1 0001213900-20-043878 (2020-12-21) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-01-11). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-21-318651 (2021-11-03) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,5.01,5.02,5.03,5.05,5.06,9.01). EDGAR now files this CIK as "Better Therapeutics, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "Mountain Crest Capital LLC" (SEC CIK 0001832411) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-21-001072.

Deal — Better Therapeutics, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001832415 records "Mountain Crest Acquisition Corp II" ending 2021-10-28; the registrant continues as "Better Therapeutics, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-10-28. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists.

SEGMENT-FROM-FILING2021-10-07

OTHER -> HEALTHCARE, on S-4/A 0001104659-21-123938: "BTX is a clinical-stage digital therapeutics company with a limited operating history."

Back to the screenerVault note