Financial Performance - The company has not generated any revenue and has incurred a net loss of $113,248 for the nine months ended June 30, 2024, primarily due to formation and operating expenses [91]. - As of June 30, 2024, the company had a cash balance of $57,877 and a working capital deficiency of $317,879 [96]. - The company has incurred and expects to continue incurring significant professional costs to remain publicly traded and pursue a business combination [96]. Capital Raising - The initial public offering (IPO) raised gross proceeds of $50,000,000 from the sale of 5,000,000 units at $10.00 per unit on July 3, 2024 [86]. - A private placement generated an additional $2,167,500 from the sale of 216,750 units to the sponsor at the same price per unit [87]. - The total proceeds of $57,500,000 from the IPO and private placements were placed in a trust account for the benefit of public shareholders [89]. - The company plans to use the net proceeds from the IPO to acquire a target business and cover related expenses [93]. Business Strategy and Risks - There are significant uncertainties regarding the company's ability to continue as a going concern, with a potential voluntary liquidation if a business combination is not completed by July 3, 2025 [96]. - The company has not selected any target business for its initial business combination, focusing its efforts initially in Asia [84]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2024 [97][98]. - The company is classified as a smaller reporting company and is not required to make disclosures under Item 3 regarding market risk [107].
Eureka Acquisition Corp(EURKU) - 2024 Q3 - Quarterly Report