Company Overview - Aquaron Acquisition Corp. is a Delaware corporation established as a blank check company aimed at engaging in various business combinations, including mergers and asset acquisitions [2] - The company intends to focus on operating businesses in the new energy sector, while excluding companies audited by firms that the U.S. Public Company Accounting Oversight Board cannot inspect for two consecutive years starting in 2021, and any target with China operations consolidated through a VIE structure [2] Recent Developments - Bestpath IoT Technology Ltd. has deposited $70,000 into Aquaron's trust account to extend the deadline for completing a business combination by one month, from March 6, 2024, to April 6, 2024 [1] - A promissory note was issued to Bestpath for the deposited amount, which bears no interest and is convertible into the company's common stock at a price of $10.00 per unit upon the closing of a business combination [1]

Financial Performance - The company reported a net income of $253,265 for the three months ended September 30, 2023, compared to a net loss of $121 for the same period in 2022[117]. - For the nine months ended September 30, 2023, the company had a net income of $716,172, while in the same period of 2022, it reported a net loss of $7,291[118]. IPO and Capital Structure - The company completed its IPO on October 6, 2022, raising gross proceeds of $50 million from the sale of 5,000,000 units at $10.00 per unit[119]. - As of September 30, 2023, the company had $3,835 in cash and a working capital deficit of $886,122[121]. - The company recorded an excise tax liability of $259,438 as of September 30, 2023, due to redemptions by public stockholders[107]. Mergers and Acquisitions - The company entered into a merger agreement with Bestpath IoT Technology Ltd., valuing Bestpath at $1.2 billion prior to the closing of the mergers[110]. - The mergers will result in the issuance of up to 15,000,000 PubCo Ordinary Shares to Holdco's shareholders and eligible participants under a share incentive plan[111]. - An aggregate of 2,487,090 shares with a redemption value of approximately $25,943,774 were tendered for redemption during the special meeting held on June 28, 2023[114]. - The company has until January 6, 2024, to complete its initial business combination following extensions granted by stockholders[115]. - The Company has until January 6, 2024, to complete a Business Combination, after which mandatory liquidation will occur if not consummated[122]. Costs and Financial Obligations - The company expects to incur significant costs in pursuing its acquisition plans and does not guarantee the success of completing a business combination[102]. - Significant professional costs are expected to continue as the Company remains publicly traded, alongside transaction costs for the Business Combination[122]. - Upon closing a Business Combination, underwriters will receive a deferred fee of $0.35 per public share, totaling $1,896,013[127]. - The Company accounts for common stock subject to possible redemption as temporary equity, reflecting uncertain future events[129]. - The Company has adopted ASU 2020-06, accounting for convertible promissory notes as debt on the balance sheet[131]. - There are no long-term debts or liabilities, except for registration rights associated with founder shares and Private Placement Shares[126]. Internal Controls and Risks - There have been no changes in internal control over financial reporting that materially affected the Company during the nine months ended September 30, 2023[138]. - The Company faces risks from ongoing global conflicts, which may adversely affect its ability to consummate a Business Combination[141]. - The financial statements do not include adjustments that might result from uncertainties related to global conflicts and their impact on the Company's operations[142].

Financial Performance - The company reported a net income of $311,101 for the three months ended June 30, 2023, compared to a net loss of $5,027 for the same period in 2022[118]. - For the six months ended June 30, 2023, the company had a net income of $462,907, while the net loss for the same period in 2022 was $7,170[119]. IPO and Mergers - The company completed its IPO on October 6, 2022, raising gross proceeds of $50 million from the sale of 5,000,000 units at $10.00 per unit[121]. - The company entered into a merger agreement with Bestpath IoT Technology Ltd., valuing Bestpath at $1.2 billion prior to the closing of the mergers[111]. - The mergers will result in the issuance of up to 15,000,000 PubCo Ordinary Shares to Holdco's shareholders and eligible participants under a share incentive plan[112]. - Bestpath deposited $210,000 into the Trust Account to extend the Business Combination Period from July 6, 2023, to October 6, 2023[116]. Financial Position - As of June 30, 2023, the company had $65,634 in cash and a working capital deficit of $660,862[123]. - The company recorded an excise tax liability of $259,438 as of June 30, 2023, due to redemptions by public stockholders[108]. - An aggregate of 2,487,090 shares, with a redemption value of approximately $25,943,774, were tendered for redemption during the special meeting held on June 28, 2023[115]. - As of June 30, 2023, the Company has no off-balance sheet financing arrangements or long-term liabilities[126]. - The Company has no long-term debt or capital lease obligations, and registration rights are granted to holders of certain shares[128]. Business Combination and Operations - The Company has until October 6, 2023, to complete a Business Combination, after which mandatory liquidation will occur if not completed[124]. - If the Business Combination is not completed by July 6, 2023, the Company will cease operations except for liquidation purposes[125]. - Upon closing of a Business Combination, underwriters will receive a deferred fee of $0.35 per public share, totaling $1,896,013[129]. Accounting and Internal Controls - The Company accounts for common stock subject to possible redemption as temporary equity, reflecting uncertain future events[131]. - The Company has adopted ASU 2020-06, accounting for convertible promissory notes as debt on the balance sheet[133]. - Disclosure controls and procedures were evaluated as effective as of June 30, 2023[139]. - There have been no changes in internal control over financial reporting that materially affected the Company during the six months ended June 30, 2023[140]. - No material changes to previously disclosed risk factors have occurred as of the date of this Quarterly Report[141]. Future Expenses - The company expects to incur increased expenses as a result of being a public company, including legal and financial reporting costs[117].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ AQUARON ACQUISITION CORP. (Exact Name of Registrant as Specified in Charter) | --- | |------------------------------------| | | | | | Delaware ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ________________ Commission file number: 001-40801 AQUARON ACQUISITION CORP. (Exact name of registrant as specified in its charter) | --- | --- | |---------------- ...