CubeBio $375M Merger with Mountain Crest Acquisition Corp. V
America ı By Rihem Akkouche
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Mountain Crest Acquisition Corp. V, a blank check company advised by Loeb & Loeb LLP, has announced a merger agreement with CubeBio Co. Ltd., a South Korean cancer diagnosis technology firm. This transaction, valued at $375 million, will enable CubeBio to become a publicly traded company, with its shares listed on the Nasdaq, according to an announcement made on Thursday.
CubeBio's Innovative Cancer Diagnostic Technology
CubeBio specializes in in-vitro diagnostics and has developed technology that can detect early-stage cancer by analyzing specific metabolites in urine. This non-invasive method uses easily collected urine samples to determine the presence of cancer, making it a groundbreaking advancement in the field of cancer diagnostics. The Seoul-based company currently holds 37 patents in Korea, which have facilitated the creation of products such as a pancreatic cancer diagnostic kit and a multi-cancer detection kit.
Global Expansion Plans Following CubeBio's $375M Merger
At present, CubeBio markets its cancer diagnostic products exclusively in Taiwan, Vietnam, and Malaysia. However, the company is working on agreements to introduce its cancer screening technology in the U.S. and Japan, signaling a significant global expansion. The merger with Mountain Crest Acquisition Corp. V, valued at $375 million, is expected to accelerate these plans.
"We expect to consummate the business combination during the first quarter of 2025 and will faithfully carry out the process for completing the business combination, and grow CubeBio into a global company by increasing corporate value," said CubeBio CEO Eun-jong Choi.
CubeBio $375M Merger : Mountain Crest's Track Record with SPAC Mergers
Mountain Crest V is the fifth in the Mountain Crest series of special purpose acquisition companies (SPACs). These entities raise capital through IPOs with the intention of acquiring private companies and taking them public. Once the merger is complete, the target company assumes the SPAC's stock listing, allowing for a seamless transition to a publicly traded entity.
Suying Liu, Chairman, CEO, and CFO of Mountain Crest V, expressed enthusiasm about the upcoming merger: "CubeBio's diagnostic innovation, non-invasive productization and active commercialization present significant growth potential. We are excited to be working with CubeBio on this proposed business combination."
Mountain Crest has a history of successful SPAC mergers, including the $1.25 billion public listing of Chinese electric vehicle maker CH-Auto Technology Corp. Ltd. in May 2022. Other notable transactions include the acquisition of Playboy Enterprises Inc. in 2020, the merger with Better Therapeutics Inc. in 2021, and the 2022 agreement to acquire healthcare technology firm ETAO International Group.
CubeBio $375M Merger : Legal Counsel Information
Details regarding the full legal teams advising both Mountain Crest V and CubeBio on the $375 million merger were not immediately available. However, Loeb & Loeb LLP is known to be advising the SPAC, while Nelson Mullins Riley & Scarborough LLP is leading the legal counsel for CubeBio.
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