Document:

Exhibit 4.1

 

	
    NUMBER

     

    MCAGU
	 	UNITS

 

MOUNTAIN CREST ACQUISITION CORP. V

 

	
    SEE REVERSE FOR

    CERTAIN DEFINITIONS
	 	CUSIP 62404B 206

 

UNITS CONSISTING OF ONE SHARE OF COMMON STOCK
AND

ONE RIGHT TO RECEIVE ONE-TENTH OF ONE SHARE OF COMMON STOCK

 

THIS CERTIFIES THAT _________________________________________________________________________
is the owner of _________________________________________________________________________ Units.

 

Each Unit (“Unit”) consists
of one (1) share of common stock, par value $0.0001 per share (“Common Stock”), of Mountain Crest Acquisition
Corp. V, a Delaware corporation (the “Company”) and one (1) right (the “Right(s)”).
Every ten (10) Rights entitles the holder thereof to receive one share of Common Stock upon the consummation of an the Company’s
completion of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination (“Business Combination”). The Common Stock and Rights comprising the Units represented by this certificate
are not transferable separately prior to the 45th day after the date of the prospectus relating to the closing of the Company’s
initial public offering (“IPO”), subject to earlier separation in the discretion of Chardan Capital Markets,
LLC, provided that the Company has filed with the Securities and Exchange Commission a Current Report on Form 8-K which includes an audited
balance sheet reflecting the Company’s receipt of the gross proceeds of the IPO and issued a press release announcing when separate
trading will begin. The terms of the Rights are governed by a rights agreement (the “Rights Agreement”), dated
as of [●], 2021, between the Company and Continental Stock Transfer & Trust Company, as the rights agent, and is subject to
the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance
hereof. A copy of the Rights Agreement is on file at the office of Continental Stock Transfer & Trust Company at 1 State Street, New
York, New York 10004 and is available to Rights holder on written request and without cost.

 

This certificate is not valid
unless countersigned by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile seal
of the Company and the facsimile signatures of its duly authorized officers.

 

	By	 	 	 
	 	Chairman of the Board	 	Chief Executive Officer

  

     

     

    

 

Mountain Crest Acquisition Corp. V

 

The Company will furnish without
charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions of
such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT	—	 	Custodian	 
	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	—	as tenants by the entireties	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	(State)

 

Additional abbreviations may also be used though
not in the above list.

 

	For value received, ___________________________ hereby sell, assign and transfer unto

  

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE	 
	 	 
	 	 

  

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 

____________________________________________________________________________ Units
represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

____________________________________________________________________________ Attorney to transfer
the said Units on the books of the within named Company will full power of substitution in the premises.

 

	Dated	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 

 

The holder(s) of this certificate shall be entitled
to receive a pro-rata portion of the funds from the trust account with respect to the common stock underlying this certificate only in
the event that (i) the Company is forced to liquidate because it does not consummate an initial business combination within the period
of time set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time
(the “Charter”) or (ii) if the holder seeks to convert his shares upon consummation of, or sell his shares in a tender offer
in connection with, an initial business combination or in connection with certain amendments to the Charter. In no other circumstances
shall the holder(s) have any right or interest of any kind in or to the trust account.Exhibit 4.2

 

	
    NUMBER

     

    MCAG
	 	SHARES

 

MOUNTAIN CREST ACQUISITION CORP. V

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

COMMON STOCK

 

	 	 	
    SEE REVERSE FOR

    CERTAIN DEFINITIONS

	 	 	 
	This Certifies that	 	CUSIP 62404B 107
	is the owner of	 	 

 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE
PAR VALUE OF $0.0001 EACH

OF THE COMMON STOCK OF

 

MOUNTAIN CREST ACQUISITION CORP. V

 

transferable on the books of Mountain Crest
Acquisition Corp. V, a Delaware corporation (the “Corporation”) in person or by duly authorized attorney upon surrender of
this certificate properly endorsed. The Corporation will be forced to liquidate if it is unable to complete an initial business combination
within the period of time as set forth in the Corporation’s Amended and Restated Certificate of Incorporation, as the same may be
amended from time to time, all as more fully described in the Corporation’s final prospectus dated                     ,
2021

 

This certificate is not valid unless countersigned
by the Transfer Agent and registered by the Registrar.

 

Witness the facsimile seal of the Corporation
and the facsimile signatures of its duly authorized officers.

 

	Dated:	 	 
	 	 	 
	CHAIRMAN	[INSERT SEAL HERE]	CHIEF EXECUTIVE OFFICER

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to
applicable laws or regulations:

 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT	—	 	Custodian	 
	 	 	 	 	 	 	(Cust)	 	(Minor)
	TEN ENT	—	as tenants by the entireties	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	(State)

  

Additional abbreviations may also be used though
not in the above list.

   

     

     

    

 

Mountain Crest Acquisition Corp. V

 

The Corporation will furnish
without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other
special rights of each class of stock or series thereof of the Corporation and the qualifications, limitations, or restrictions of such
preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject to all the provisions
of the Corporation’s Amended and Restated Certificate of Incorporation and all amendments thereto and resolutions of the Board of
Directors providing for the issue of shares of Common Stock (copies of which may be obtained from the secretary of the Corporation), to
all of which the holder of this certificate by acceptance hereof assents.

 

For value received, ___________________________ hereby
sell, assign and transfer unto

  

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE	 
	 	 
	 	 

 

 

	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 
	 

shares of the capital stock represented by
the within Certificate, and do hereby irrevocably constitute and appoint 

 

____________________________________________________________________________ Attorney
to transfer the said stock on the books of the within named Corporation will full power of substitution in the premises.

 

	Dated	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 

 

The holder(s) of this certificate shall be entitled
to receive a pro-rata portion of the funds from the trust account only in the event that (i) the Corporation is forced to liquidate because
it does not consummate an initial business combination within the period of time set forth in the Corporation’s Amended and Restated
Certificate of Incorporation, as the same may be amended from time to time (the “Charter”) or (ii) if the holder seeks to
convert his shares upon consummation of, or sell his shares in a tender offer in connection with, an initial business combination or in
connection with certain amendments to the Charter. In no other circumstances shall the holder(s) have any right or interest of any kind
in or to the trust account.

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