Financial Performance - The company reported a net income of $603,904 for the three months ended September 30, 2024, primarily from interest income of $944,242[97]. - For the nine months ended September 30, 2024, the company achieved a net income of $1,760,025, with interest income contributing $2,804,976[98]. IPO and Trust Account - The company completed its IPO on October 11, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[100]. - A total of $69,690,000 was placed in a trust account following the IPO, which will be invested in U.S. government treasury bills or money market funds[101]. - The underwriters are entitled to a deferred fee of 3.5% of the gross proceeds of the IPO, amounting to $2,415,000, payable upon completion of a business combination[108]. Financial Position - As of September 30, 2024, the company had cash of $329,359 and a working capital deficit of $543,906[103]. - The company has incurred related party administrative fees of $30,000 for the three months and $90,000 for the nine months ended September 30, 2024[107]. Business Combination and Future Outlook - The company entered into a non-binding letter of intent for a potential business combination with a clinical-stage therapeutics company, extending the deadline to January 11, 2025[93][94]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[95]. - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the specified period[104].
Quetta Acquisition(QETA) - 2024 Q3 - Quarterly Report