Financial Position - Total assets increased to $72.78 million as of September 30, 2024, compared to $70.47 million on December 31, 2023, reflecting a growth of approximately 1.84%[5] - Current liabilities surged to $230.79 million from $24.84 million, indicating a significant increase of 828.5%[6] - The accumulated deficit increased to $(797,102) as of September 30, 2024, compared to $(134,337) at the end of 2023, reflecting a deterioration in financial position[7] - Total current assets decreased to $123.90 million from $580.72 million, a decline of approximately 78.66%[5] - Total liabilities increased to $920,789 as of September 30, 2024, compared to $714,841 at the end of 2023, marking an increase of about 28.8%[6] - As of September 30, 2024, the Company reported a working capital deficit of $106,889 and had $103,559 in its bank account[30] - As of September 30, 2024, the cash balance was $103,559, down from $580,717 as of December 31, 2023[42] - The estimated fair value of investments held in the Trust Account was $72,660,715 as of September 30, 2024, compared to $69,889,848 as of December 31, 2023, reflecting an increase of approximately 4%[43] Income and Earnings - Net income for the three months ended September 30, 2024, was $743,510, compared to a net loss of $3,618 for the same period in 2023[10] - Basic and diluted net income per share attributable to ordinary shares subject to possible redemption was $0.08 for the three months ended September 30, 2024, down from $0.23 in the previous year[9] - The Company reported a net income of $743,510 for the nine months ended September 30, 2024, compared to a net loss of $3,618 for the same period in 2023[49] - Basic and diluted net income per share for redeemable ordinary shares was $0.23 for the nine months ended September 30, 2024[52] - For the nine months ended September 30, 2024, the company reported a net income of $2,108,102, primarily from dividend income of $2,770,867, after deducting operational costs of $662,765[89] Initial Public Offering (IPO) - Aimei Health Technology Co., Ltd. completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units at $10.00 per unit[17] - The Company incurred offering costs of $2,070,665 and deferred underwriting commissions of $690,000 related to the Initial Public Offering[17] - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, amounting to $1,380,000, and a deferred fee of 1.0% or $690,000 upon closing of a business combination[81] - The Company completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at $10.00 per Unit[60] - The Company generated gross proceeds of $60,000,000 from its IPO, with an additional $9,000,000 from the full exercise of the over-allotment option[104] - The Company incurred total underwriting discounts of $1,380,000 and additional costs of $550,000 related to the IPO[107] 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[16] - A definitive Business Combination Agreement was entered into on June 19, 2024, for a merger with United Hydrogen Group Inc. and its subsidiaries[28] - 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[24] - The Company will provide public shareholders the opportunity to redeem their shares for a pro rata portion of the Trust Account upon completion of the business combination[20] - Management believes that the company will have sufficient working capital to meet anticipated cash needs prior to the initial business combination[93] - The company may need additional financing to complete its business combination or to redeem a significant number of public shares[93] Shareholder Information - The Company has 6,900,000 ordinary shares subject to possible redemption, presented at redemption value as temporary equity[44] - The initial shareholders will collectively own approximately 20% of the Company's issued and outstanding shares after the Initial Public Offering, assuming no additional Public Shares are purchased[72] - As of September 30, 2024, there were 2,126,000 ordinary shares issued and outstanding, excluding 6,900,000 ordinary shares subject to possible redemption[73] Related Party Transactions - The Company has borrowed $210,151 under a promissory note from the Sponsor, which was fully repaid on December 7, 2023[67] - As of September 30, 2024, the Company had a total amount due to related parties of $88,763 for general and administrative services[69] - The Sponsor has agreed to provide administrative services at a cost of $10,000 per month for up to 12 months, with an unpaid balance of $90,000 as of September 30, 2024[70] Compliance and Reporting - The Company is classified as an emerging growth company, allowing it to take advantage of certain exemptions from reporting requirements[36] - The Chief Executive Officer and Chief Financial Officer have certified compliance with the Sarbanes-Oxley Act of 2002[113] - The report includes various Inline XBRL documents for enhanced financial reporting[111] Other Financial Information - The Company has not experienced losses on its cash account, which at times may exceed the Federal depository insurance coverage of $250,000[54] - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[96] - The Company has amended and restated its Memorandum and Articles of Association as of December 6, 2023[111]
Aimei Health Technology(AFJK) - 2024 Q3 - Quarterly Report