MCAG

MCAG is not an operating company — it is a Delaware blank-check SPAC formed April 8, 2021 "for the purpose of effecting a merger... or similar Business Combination," and it has never generated revenue (FY2022–FY2025 revenue all blank). Its one announced deal, the AUM Biosciences business combination signed October 2022 and amended three times, was terminated by AUM on June 8, 2023. Since then the filing narrative is a chronicle of survival mechanics: a transfer down to the Nasdaq Capital Market, a repeated MVLS listing-deficiency, sponsor loans (the non-interest-bearing $400K 2023 Note), and serial trust-extension deposits to keep the Combination Period alive. There is no target, no business, and no earnings power to value.

The balance sheet confirms the shell is running on fumes. Cash is $11.9K, down 89.8% year over year, against $1.65M of current liabilities and $3.72M of total liabilities — stockholders' equity is negative $3.68M and retained earnings are negative $5.90M. Operating cash flow was -$742K in FY2025, so the entity is structurally dependent on sponsor advances to pay its bills. (Note: negative equity is partly a SPAC artifact — public shares subject to redemption sit in temporary equity outside this figure — but the $12K of unrestricted cash is real and alarming.)