Financial Performance - The company achieved a net income of $609,092 for the three months ended June 30, 2024, compared to a net loss of $3,618 for the same period in 2023[6]. - Basic and diluted net income per share attributable to ordinary shares not subject to possible redemption was $0.07 for the three months ended June 30, 2024, compared to $0.00 for the same period in 2023[6]. - The Company reported a net income of $1,364,592 for the six months ended June 30, 2024, compared to a net loss of $3,618 for the same period in 2023[39]. - Basic and diluted net income per share for the six months ended June 30, 2024, was $0.15, while for the period from April 27, 2023, to June 30, 2023, it was $(0.00)[41]. - For the six months ended June 30, 2024, the company reported a net income of $1,364,592, consisting of dividend income of $1,827,338 offset by formation and operational costs of $462,746[71]. Shareholder Equity and Liabilities - As of June 30, 2024, Aimei Health Technology Co., Ltd. reported a total shareholders' deficit of $596,870, a significant increase from $134,124 as of December 31, 2023[5]. - Total liabilities as of June 30, 2024, amounted to $71,921,531, up from $70,470,565 as of December 31, 2023[5]. - The Company had working capital of $93,130 as of June 30, 2024[23]. - The Company had a total amount due to related party of $51,803 as of June 30, 2024, for costs related to general and administrative services[53]. - The company had no long-term debt, capital lease obligations, or long-term liabilities as of June 30, 2024[78]. Initial Public Offering (IPO) - Aimei Health Technology completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units[12]. - The underwriters received a cash underwriting discount of 2% of the gross proceeds from the Initial Public Offering, amounting to $1,380,000[63]. - The company incurred offering costs of $2,070,665 and $690,000 for deferred underwriting commissions related to its Initial Public Offering[12]. - The underwriters are entitled to a deferred fee of $690,000, which is 1.0% of the gross proceeds, payable upon the closing of a business combination[78]. - The initial shareholders will collectively own approximately 20% of the company's issued and outstanding shares after the Initial Public Offering[55]. Trust Account and Investments - As of June 30, 2024, the Company had $71,717,186 in its Trust Account and $157,505 in its operating bank account[23]. - The estimated fair value of investments held in the Trust Account increased from $69,889,848 as of December 31, 2023, to $71,717,186 as of June 30, 2024[33]. - As of June 30, 2024, the Company had $71,717,186 in money market funds invested in U.S. Treasury, categorized as Level 1 fair value measurement[44]. - The company placed $69.69 million of net proceeds from the IPO and private placement into a Trust Account[86]. Business Operations and Future Plans - The company has not yet commenced any operations and will not generate operating revenue until after completing its initial business combination[11]. - Aimei Health Technology intends to target small cap companies in the healthcare innovation sector for potential business combinations[10]. - The Company has until 12 months from the closing of the Initial Public Offering to complete a business combination, with a possible extension of up to 24 months[18]. - The Company will redeem 100% of the outstanding Public Shares if it fails to complete a business combination within the Combination Period[18]. - The company entered into a definitive Business Combination Agreement with United Hydrogen Group Inc. on June 19, 2024[69]. Management and Governance - The Sponsor has agreed to vote in favor of any proposed business combination and not to redeem any shares in connection with such a vote[17]. - The Company has not specified a maximum redemption threshold but will not redeem shares if it causes net tangible assets to fall below $5,000,001[34]. - Management has determined that failure to complete an initial business combination raises substantial doubt about the company's ability to continue as a going concern[76]. - The company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[28]. Tax and Regulatory Matters - The company is currently not subject to income taxes in the Cayman Islands or the United States, resulting in no provision for income taxes for the six months ended June 30, 2024[37]. - There were no unrecognized tax benefits as of June 30, 2024, and no amounts were accrued for interest and penalties during the three and six months ended June 30, 2024[36].
Aimei Health Technology(AFJK) - 2024 Q2 - Quarterly Report