IPO and Proceeds - The company completed its IPO on July 3, 2024, raising total gross proceeds of $50 million from the sale of 5,000,000 Units at $10.00 per Unit[46]. - An additional 750,000 Option Units were sold, generating gross proceeds of $7.5 million, bringing total proceeds to $57.5 million[47]. - The company intends to use substantially all net proceeds from the IPO for acquiring a target business and related expenses[54]. Financial Performance - For the year ended September 30, 2024, the company reported a net income of $255,721, primarily from interest income of $609,787, offset by general and administrative expenses of $354,066[51]. - The company has incurred a net loss of $5,325 from inception through September 30, 2023, due to formation and operating costs[52]. Cash and Working Capital - As of September 30, 2024, the company had $670,352 in cash held outside of the Trust Account, with a working capital deficiency of $684,474[58]. - Over the next 12 months, funds held outside the Trust Account will be used for identifying and evaluating acquisition candidates and conducting due diligence[55]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[59][60]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to ongoing costs and the need for additional financing[58]. Business Strategy - The company has not selected any target business for its initial business combination, focusing initially on opportunities in Asia[44]. Regulatory and Accounting Changes - The FASB issued ASU No. 2023-07, requiring additional segment information disclosures, effective for fiscal years beginning after December 15, 2023[78]. - The company is currently evaluating the impact of adopting ASU 2023-07 on its financial statements[78]. Market and Interest Rate Risk - As of September 30, 2024, the company is not subject to any market or interest rate risk[80]. - The net proceeds from the IPO have been invested in U.S. government treasury obligations with a maturity of 185 days or less[80]. - The company believes there will be no associated material exposure to market or interest rate risk due to the short-term nature of these investments[80].
Eureka Acquisition Corp(EURK) - 2024 Q4 - Annual Report