CUBEBIO Partners with Mountain Crest V for Public Listing
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CUBEBIO Partners with Mountain Crest V for Public Listing
Mountain Crest Acquisition Corp. V, a Delaware corporation formed as a special purpose acquisition company with its common stock traded on The Nasdaq Stock Market under the trading symbol "MCAG," along with CUBEBIO Co., Ltd., a corporation organized under the laws of Korea, recently announced a significant step forward. CUBEBIO has developed innovative technology that enables early cancer diagnosis through urine analysis, aiming to greatly improve cancer screening accessibility.
Definitive Business Combination Agreement Announced
The two companies have entered into a definitive business combination agreement, setting the stage for CUBEBIO to become a publicly listed company on The Nasdaq Stock Market. This transaction will allow CUBEBIO to leverage Mountain Crest V’s expertise while advancing its business goals. The upcoming business combination encompasses two key transactions that will solidify the partnership between both companies.
Details of the Transaction
As per the agreement, CHL SPAC Merger Sub, Inc., a corporation to be formed in Delaware, will merge with Mountain Crest V, which will retain its status as the surviving entity. Following this merger, the shareholders of Mountain Crest V will exchange their shares for Ordinary Shares of CubeBio Holdings Limited, a new entity incorporated in the Cayman Islands. Concurrently, all shareholders of CUBEBIO will transfer their shares to a Korean subsidiary in exchange for shares in the new public company. With a pre-transaction equity valuation set at $375 million, the plan includes potential earn-out payments based on CUBEBIO’s future financial performance.
Market Potential and Future Growth
Dr. Suying Liu, Chairman and CEO of Mountain Crest V, has expressed enthusiasm regarding CUBEBIO's innovative cancer diagnostic technology. He noted that CUBEBIO is well-positioned to capitalize on significant growth opportunities in the healthcare industry. Through this merger, both companies expect to enhance operational efficiencies and bolster their market presence.
CUBEBIO's Innovative Technologies
CUBEBIO focuses on in-vitro diagnostics using non-invasive methods to detect cancer early through the analysis of metabolites in urine. The company holds numerous patents related to cancer diagnostics and has successfully developed several diagnostic kits including CEED-PG/PGS and CEED-NOVUS aimed at supplying both local and international markets.
Recent Contracts and Global Plans
Recently, CUBEBIO entered a substantial contract worth approximately $14.5 million with Taiwan Biotech Co., Ltd. to supply cancer screening products. This agreement allows CUBEBIO to expand its reach into Taiwan, Vietnam, and Malaysia. Regulatory approval in these markets is pending, and revenue generation is expected in the foreseeable future. The company is also exploring opportunities to supply its products in the United States and Japan, reinforcing its goal of becoming a global leader in cancer diagnostics.
Expertise and Guidance
Global Fund LLC has been appointed as an advisory firm, specializing in SPAC transactions to assist CUBEBIO throughout the business combination process. Mountain Crest V has engaged legal representation from Loeb & Loeb LLP, while CUBEBIO's interests are being managed by Nelson Mullins Riley & Scarborough LLP, ensuring both companies navigate the regulatory requirements effectively.
Anticipation for Completion
Both firms are optimistic about finalizing the business combination by early 2025. Eun-jong Choi, CEO of CUBEBIO, emphasized their commitment to expanding CUBEBIO's operations globally and increasing its market value through this union. The management teams are working diligently to bring this successful partnership to fruition.
Frequently Asked Questions
What is the proposed business combination about?
The proposed business combination involves CUBEBIO merging with Mountain Crest V, intending for CUBEBIO to become a publicly listed company on The Nasdaq.
What technology does CUBEBIO specialize in?
CUBEBIO specializes in in-vitro diagnostics, using urine analysis to detect cancer at an early stage, aiming to enhance accessibility to cancer screening.
When is the business combination expected to close?
The business combination is expected to close in the first quarter of 2025.
Who are the legal counsels involved in the merger?
Mountain Crest V is represented by Loeb & Loeb LLP, while CUBEBIO is represented by Nelson Mullins Riley & Scarborough LLP.
What is included in CUBEBIO's future plans?
CUBEBIO aims to grow its product offerings in international markets, including the U.S. and Japan, while continuing to innovate with its cancer diagnostic technologies.
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