MCAFR - Why Is Mountain Crest Acquisition (MCAF) Stock Down 59% Today?
2024-04-01 08:48:27 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Mountain Crest Acquisition Corp (NASDAQ: MCAF ) stock is falling on Monday after the special purpose acquisition company (SPAC) completed its merger with CH Auto Technology .
This merger has CH Auto Technology becoming the parent company of Mountain Crest Acquisition Corp. It continues to be led by founder and CEO Qun Lu following the SPAC merger.
Lu said the following about the SPAC merger:
“This business combination with Mountain Crest IV marks only the beginning of our globalization strategy, as we aim to target global markets including the United States, positioning CH Auto as pioneers in Chinese new energy vehicle technology on a global scale.”
What This Means for MCAF Stock
With this merger also comes a change for MCAF Stock. Shares of MCAF should no longer be trading as CH Auto Technology comes out of the merger as the surviving company. On that same note, Mountain Crest Acquisition Corp rights (NASDAQ: MCAFR ) should convert to the company’s shares.
CH Auto Technology is set to trade on the Nasdaq Exchange under the CHATC ticker. Shares of MCAF will switch to this. The SPAC’s rights will also convert to these shares on a 10-for-one basis. That means each 10 rights will become a single share of the stock.
MCAF stock is down 58.7% as of Monday morning.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news ready to go on Monday! A few examples include what’s happening with shares of U Power (NASDAQ: UCAR ) and MediaCo (NASDAQ: MDIA ) stock as well as the biggest pre-market stock movers. All of that is available at the following links!
More Monday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines .
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