Mountain Crest Acquisition Corp. IV
MCAF · Nasdaq
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 cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
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 Holdings IV LLC, listed on Nasdaq in July 2021.
- What it's doing now
- It agreed in October 2023 to buy CH-AUTO Technology Corporation Ltd., a Chinese automotive design and electric vehicle manufacturer company. The deal valued that business at about $930.6M. 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
- CH-AUTO Technology Corporation Ltd.
- Industry
- Chinese automotive design and electric vehicle manufacturer
- Deal value
- $931M
- announced 3 October 2023
- 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
- 1 July 2021
- size not on file · 100.0% of each $10 unit into trust
- Headquarters
- 311 WEST 43RD STREET, 12TH FLOOR, NEW YORK, NY, 10036
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Liu Suying (CEO and CFO) · Milbourn Todd T. (Director) · Zhang Wenhua (Director)
- Listed securities
- MCAF common
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.
At the 20 November 2023 event.
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.
- 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
5 dated milestonesEvery 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.
redemption rate not stated in the filing
- 3 October 2023Deal announcedpassed
Combination with CH-AUTO Technology Corporation Ltd.
redemption rate not stated in the filing
Show the earlier 2 milestones
- 1 July 2021IPOpassed
IPO size not on file
redemption rate not stated in the filing
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- CH-AUTO Technology Corporation Ltd.$931M · announced 3 October 2023closedpost-close QTMSEC primary
Who has already taken their money back
3 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
—
no filing states a pre-event share count
Shares redeemed, all events
5.73M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Nov 20, 2023Deal voteno rate statedredeemed 1.49M sh0001829126-23-007608
Show the other 2 cash-out events
- Jun 22, 2023Extensionno rate statedredeemed 1.81M sh0001829126-23-005582
- Dec 15, 2022Extensionno rate statedredeemed 2.43M sh0001829126-23-003334
The score
deterministic, from filed fieldsMCAF 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.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 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.
The company
from SEC filingsRead the full profile
Mountain Crest Acquisition Corp. IV was a blank-check company whose common stock, units, and rights traded on the Nasdaq Stock Market under the ticker MCAF. The company priced its initial public offering on July 1, 2021, as reflected in a 424B prospectus filed with the SEC. Its SEC CIK is 0001853774 and it is classified under SIC industry code 6770. The company's lifecycle is closed: it completed a business combination and no longer files as a standalone vehicle. The closing is established by a Form 25 filed on April 1, 2024, under 17 CFR 240.12d2-2(a)(3), indicating that the shares came to evidence other securities in substitution therefor. The ticker MCAF also appears on the cover page of an 8-K filed on January 2, 2024.
Material findings
from the full read of every filingEvery 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.
CH AUTO's holders end up with 92.0% of the shares and 98.5% of the voting power even in the minimum redemption case, so MCAF's public shareholders are reduced to a voiceless sliver of a Chinese electric vehicle company. Two prior redemption rounds have already taken $43.1 million out of the trust, leaving little cash to bring to the deal, and the $10.00 deemed price values Pubco stock at the SPAC's deposit level rather than at any market-tested figure. Redeeming for trust value is the only exit at a price anyone has actually paid.
Twenty cents a share across six months is a genuine deposit and, unusually, it is funded by the target rather than the sponsor — CH Auto is paying to keep the deal alive, which signals commitment. Against that, the Merger Agreement's own Outside Date of November 15, 2022 had already passed when this proxy was filed, so either party could walk. Redemption at the pro rata trust portion remains available regardless of the vote.
Filings
live EDGAR feedEverything 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
- What changed vs 2023-06-02deadline 2024-01-02 → 2024-07-02
combination deadline, outside date1 moved · 1 with no prior record of ours
- Combination deadline
- 2024-01-022024-07-02
- Outside date
- 2023-07-02 · unchanged
SpacBrain reads this as 182 days later than the previous record.
The clause …“full as follows: “E. In the event that the Corporation does not consummate a Business Combination by July 2, 2024 (such date actually extended being referred to as or, in each case if the Office of the Delaware Division of Corporations”…
The clause …“Company; (vi) in the event CH AUTO funds the initial payment of the Loan, the Outside Date shall be extended from May 15, 2023 to July 2, 2023, (viii) revised the timing, steps and procedure for the Reorganization and (ix) permitted CH”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2023-07-02 · unchanged
The clause …“Company; (vi) in the event CH AUTO funds the initial payment of the Loan, the Outside Date shall be extended from May 15, 2023 to July 2, 2023, (viii) revised the timing, steps and procedure for the Reorganization and (ix) permitted CH”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
trust account, combination deadline, going-concern doubt +1nothing moved · 4 with no prior record of ours
- Trust account
- $57.5M · unchanged
- Combination deadline
- 2024-01-02 · unchanged
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 1.51M · unchanged
The clause “7,500,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $ 57,500,000 . Transaction costs amounted to $ 4,773,824 consisting of $ 1,150,000 of underwriting fees, $ 2,012,500 of deferred”…
The clause …“the Trust Fund to extend the Business Combination Period from July 2, 2023 to January 2, 2024. Accordingly, the SPAC now has until January 2, 2024, to complete its initial business combination. SPAC Support Agreement Contemporaneously”…
The clause “14-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that if the Company is unable to complete a Business Combination by July 2, 2023, then the Company may cease all”…
The clause “0,000,000 shares authorized; 1,807,500 shares issued and outstanding (excluding 1,506,991 and 3,317,480 shares subject to possible redemption as of September 30, 2023 and December 31, 2022, respectively) 181 181 Additional paid-in capital”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2023-07-02 · unchanged
The clause …“Company; (vi) in the event CH AUTO funds the initial payment of the Loan, the Outside Date shall be extended from May 15, 2023 to July 2, 2023, (viii) revised the timing, steps and procedure for the Reorganization and (ix) permitted CH”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- 2023-07-02 · unchanged
The clause …“Company; (vi) in the event CH AUTO funds the initial payment of the Loan, the Outside Date shall be extended from May 15, 2023 to July 2, 2023, (viii) revised the timing, steps and procedure for the Reorganization and (ix) permitted CH”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Mountain Crest Holdings IV LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
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
Unit: U = S + R/10 · 100.0% of the $10 unit
from 424B4 0001104659-21-088213
Trading & liquidity
Company profile
Directors & officers
- Liu SuyingCEO and CFO
- Milbourn Todd T.Director
- Zhang WenhuaDirector
- Gerber Sander10% owner
Institutional holders
from SC 13G/13DFunds 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
6 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.
- Mountain Crest Holdings IV LLCwith 1 other reporting person on the same schedule21.7% · SC 13GFeb 14, 2022 stale
- BARCLAYS PLCwith 2 other reporting persons on the same schedule5.8% · SC 13GFeb 11, 2022 stale
- Karpus Management, Inc.0.0% · SC 13G/AMar 7, 2024 stale
- Linden Capital L.P.with 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 7, 2024 stale
- Hudson Bay Capital Management LPwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 5, 2024 stale
- Space Summit Capital LLCnot stated · SC 13G/AFeb 2, 2022 stale
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.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — MCAF (Mountain Crest Acquisition Corp. IV)
vault-note · /vault/tickers/MCAF
- Vault deal note — CH-AUTO Technology Corporation Ltd. (MCAF)
vault-note · /vault/deals/ch-auto-technology-corporation-ltd
In plain English
tap a term to open itEvery 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 filingsData provenance & audit trail5 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.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001104659-21-088213 priced 2021-07-01; common ticker MCAF off 8-K 0001829126-24-000008 (2024-01-02); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000219 (2024-04-01) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Common Stock; Rights; Units). 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 "Mountain Crest Holdings IV LLC" sourced from prospectus definition (10-K) acc 0001410578-22-000674.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read