Financial Performance - For the nine months ended September 30, 2024, the company reported a net loss of $853,947, compared to a net loss of $9,767 for the same period in 2023[111][112]. - Interest earned on marketable securities held in the trust account for the nine months ended September 30, 2024, was $569,338, down from $1,940,473 in the same period of 2023[111][112]. - Cash used in operating activities for the nine months ended September 30, 2024, was $961,938, compared to $610,200 for the same period in 2023[119][120]. - The company incurred cash used in financing activities of $24,163,604 for the nine months ended September 30, 2024, compared to $45,887,982 for the same period in 2023[122][123]. Cash and Assets - As of September 30, 2024, the company had cash held in the trust account of $1,109,108, with an additional $378,755 held outside the trust account[124][125]. - The company withdrew $595,577 from the trust account to pay liabilities related to income and Delaware franchise taxes since its IPO on October 14, 2022[128]. - As of September 30, 2024, the Company recorded deferred underwriting commissions of $2,723,060, payable only upon completion of the Initial Business Combination[141]. - The Company has no long-term debt or capital lease obligations[140]. Nasdaq Listing and Compliance - On July 23, 2024, the company received a notice from Nasdaq regarding potential delisting due to not meeting the minimum market value requirement of $50,000,000[130]. - The company has appealed Nasdaq's determination regarding delisting and is awaiting the outcome[132]. - The Company applied to transfer from Nasdaq Global Market to Nasdaq Capital Market on July 23, 2024, and received a notification on August 12, 2024, that it has cured its filing discrepancies under Listing Rule 5250(c)(1)[133]. - Nasdaq granted the Company's request for continued listing on September 27, 2024, subject to providing updates on its merger with Aiways and share transfers by October 4, 2024[134]. - The Company must complete the transfer of the remainder of the Founder Shares and Private Placement Shares by November 22, 2024[135]. - The proposed Business Combination must be completed by January 20, 2025, to comply with Nasdaq's listing requirements[136]. - The Company has until October 18, 2025, to consummate a Business Combination, with potential extensions available under specific conditions[138]. Operational Status - The company has not generated any operating revenues to date and does not expect to do so until after completing its Initial Business Combination[110]. - The Company incurs a monthly fee of $20,000 for office space and administrative support, which began on October 18, 2022[140]. - The company continues to incur tax liabilities and intends to cover these from its operating account and potential loans from its sponsor[129][126]. - There are no off-balance sheet arrangements as of September 30, 2024[139]. - The Company has not encountered any cybersecurity challenges that have materially impaired its operations or financial standing[146].
Hudson Acquisition I Corp.(HUDAU) - 2024 Q3 - Quarterly Report