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, after accounting for operational costs and taxes [97]. - For the nine months ended September 30, 2024, the company achieved a net income of $1,760,025, with interest income totaling $2,804,976 [98]. - The company has a working capital deficit of $543,906 as of September 30, 2024, with cash reserves of $329,359 [103]. 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 from the IPO, amounting to $2,415,000, payable upon completion of a business combination [108]. Business Combination and Future Outlook - The company has entered into a non-binding letter of intent for a potential business combination with a clinical-stage therapeutics company, extending the deadline for the initial business combination 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]. - The company anticipates incurring significant costs related to being a public entity and pursuing a business combination, raising concerns about its ability to continue as a going concern [104]. Related Party Transactions - The company incurred $30,000 in related party administrative fees for the three months ended September 30, 2024, and $90,000 for the nine months ended September 30, 2024 [107].
Quetta Acquisition Corp(QETAU) - 2024 Q3 - Quarterly Report