Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our Units began trading on The Nasdaq Global Market under the symbol “MCACU”, on May 12, 2022. On June 28, 2022, we announced that holders of our Units could elect to separately trade our Class A Common Stock and Warrants included in the Units. On July 1, 2022, our shares of common stock and Warrants became available for separate trading on Nasdaq under the symbols “MCAC,” “MCACW,” and “MCACR,” respectively.
Stockholders
As of March 31, 2023, we had 9,338,000 outstanding shares of Class A Common Stock, 2,300,000 outstanding shares of Class B Common Stock, one holder of record of our Class A Common Stock and two holders of record of our Class B Common Stock.
Unregistered Sales of Securities
On October 6, 2021, our Sponsor purchased 2,875,000 shares of our Class B Common Stock, par value $0.0001 per share, (the “Founder Shares”) for an aggregate price of $25,000. On May 10, 2022, our Sponsor forfeited 575,000 Founder Shares for no consideration, which we cancelled, resulting in our Sponsor and directors holding an aggregate of 2,300,000 Founder Shares. Our Sponsor agreed to forfeit up to 300,000 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriter, so that the Founder Shares will represent 20.0% of our issued and outstanding shares after the Initial Public Offering. On May 13, 2022, the underwriter fully exercised the over-allotment option to purchase an additional 1,200,000 Units and the forfeiture provisions lapsed for the 300,000 Founder Shares.
On May 13, 2022, our Sponsor purchased 3,040,000 Private Placement Warrants at a price of $1.00 per Private Placement Warrant, generating gross proceeds of $3.04 million. These issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities during the year ended December 31, 2022.
Item 6. [RESERVED]
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