EX-99.1 2 tm2121964d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Mountain Crest Acquisition Corp. IV

BALANCE SHEET

	July 2,			Pro Forma Adjustments			As Adjusted
	2021			(unaudited)			(unaudited)
ASSETS

CURRENT ASSETS
Cash	$	588,076		$	-		$	588,076
Prepaid expenses		20,000			-			20,000
Cash held in Trust		50,000,000			7,500,000	(a)		57,500,000
					150,000	(b)
					(150,000	)(c)
TOTAL ASSETS	$	50,608,076		$	7,500,000		$	58,108,076

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable	$	1,000		$	-		$	1,000
Deferred underwriting fee payable		1,750,000			262,500	(d)		2,012,500

Total current liabilities		1,750,000			262,500			2,013,500

Total liabilities		1,751,000			262,500			2,013,500

COMMITMENTS AND CONTINGENCIES
Common stock subject to possible redemption, $0.0001 par value, 4,385,707 and 5,109,457 shares at redemption value of $10.00 per share, respectively.		43,857,070			7,237,500	(e)		51,094,570

STOCKHOLDERS' EQUITY
Common Stock; $0.0001 par value; 30,000,000 shares authorized; 2,406,793 and 2,448,043 shares issued and outstanding (excluding 4,385,707 and 5,109,457 shares subject to possible redemption).		241			4			245
					75	(a)
					1	(b)
					(72	)(e)
Additional paid-in capital		5,000,765			(4	)		5,000,761
					7,499,925	(a)
					149,999	(b)
					(150,000	)(c)
					(262,500	)(d)
					(7,237,428	)(e)
Accumulated deficit		(1,000	)		-			(1,000	)

Total stockholders' equity		5,000,006			-			5,000,006

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	50,608,076		$	7,500,000		$	58,108,076

The accompany notes are an integral part of the financial statement

NOTE 1 – CLOSING OF OVER-ALLOTMENT OPTION (UNAUDITED)

The accompanying unaudited Pro Forma Balance Sheet presents the unaudited Balance Sheet of Mountain Crest Acquisition Corp. IV (the “Company”) as of July 2, 2021, adjusted for the closing of the underwriters’ over-allotment option (the “Over-allotment”) and related transactions, which occurred on July 6, 2021 as described below.

On July 2, 2021, the Company consummated its initial public offering (the “IPO”) of 5,000,000 units (the “Units”). Each Unit consists of one share of common stock the Company, par value $0.0001 per share (the “Common stock”) and one share of common stock and one right (“Public Right”). Each Public Right entitles the holder to receive one-tenth of one share of common stock at the closing of a Business Combination. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $50,000,000.

Simultaneously with the closing of the Initial Public Offering, the Sponsor and Network 1 Financial Securities, Inc. (and/or their designees) purchased an aggregate of 195,000 Private Units, at a price of $10.00 per Private Unit, for an aggregate purchase price of $1,950,000, in a private placement. The Sponsor also agreed to purchase an additional 15,000 Private Units, at a price of $10.00 per Private Unit, or $150,000 in the aggregate in connection with the underwriters’ full exercise of their over-allotment option, if applicable. Each Private Unit consists of one share of common stock (“Private Share”) and one right (“Private Right”). Each Private Right entitles the holder to receive one-tenth of one share of common stock at the closing of a Business Combination. The proceeds from the Private Units were added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will expire worthless.

The Company granted the underwriters a 45-day option to purchase up to 750,000 Units to cover Over-allotment, if any. As of July 6, 2021, the Underwriters had fully exercised the option and purchased 750,000 additional Units (the “Over-allotment Units”), generating gross proceeds of $7,500,000.

Upon the closing of the Over-allotment on July 6, 2021, the Company consummated a private sale of an additional 15,000 Private Placement Units at a price of $10.00 per Private Placement Unit, generating gross proceeds of $150,000. As of July 6, 2021, a total of $57,500,000 of the net proceeds from the IPO (including the Over-allotment Units) and the sale of Private Placement Units was placed in a U.S.-based trust account. As the over-allotment option was fully exercised, no portion of the Private Units are subject to forfeiture.

Unaudited Pro forma adjustments to reflect the exercise of the underwriters’ Over-allotment option described above are as follows:

	Pro-forma entries:	Debit	Credit

(a)	Cash held in trust	7,500,000
	Common Stock		75
	Additional paid-in capital		7,499,925
	To record the sale of 750,000 over-allotment Units at $10.00 per Unit on July 6, 2021

(b)	Cash held in trust	150,000
	Common Stock		1
	Additional paid-in capital		149,999
	To record the sale of 15,000 over-allotment Private Placement Units at $10.00 per Unit on July 6, 2021

(c)	Additional paid-in capital	150,000
	Cash held in trust		150,000
	To record the payment of underwriting fees arising from the sale of the over-allotment Units

(d)	Additional paid-in capital	262,500
	Deferred underwriting fee payable		262,500
	To record the payment of deferred underwriting fees arising from the sale of the over-allotment Units

(e)	Common Stock	72
	Additional paid-in capital	7,237,428
	Common stock subject to redemption		7,237,500
	To record the change in common stock subject to redemption from the sale of the over-allotment Units