Financial Performance - The company had a net income of $544,417 for the three months ended June 30, 2024, with interest income of $934,745 offsetting operational costs [96]. - For the six months ended June 30, 2024, the company reported a net income of $1,156,121, driven by interest income of $1,860,734 [97]. IPO and Fundraising - 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 [98]. - A total of $69,690,000 was placed in a trust account, which will be invested in U.S. government treasury bills or money market funds [99]. - 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 [107]. Operational Costs and Related Party Transactions - The company has incurred $30,000 and $60,000 in related party fees for administrative services for the three and six months ended June 30, 2024, respectively [106]. 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 [91][92]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [94]. - 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 [103]. Working Capital - The company has a working capital deficit of $207,095 as of June 30, 2024, with cash holdings of $334,332 [101].
Quetta Acquisition Corp(QETAU) - 2024 Q2 - Quarterly Report