IPO and Fundraising - The company completed its initial public offering (IPO) on September 19, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000[81]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[82]. - Transaction costs related to the IPO amounted to $2,840,203, including $960,000 in underwriting fees[90]. - The company has granted underwriters a 45-day option to purchase up to 900,000 additional units to cover over-allotments from the IPO[99]. Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $23,722, while for the nine months ended September 30, 2024, it incurred a net loss of $17,788[86]. - As of September 30, 2024, the company had cash of $837,818, with approximately $750,000 available outside the trust account for operational expenses[88][92]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[96]. Future Expectations and Obligations - The company expects to incur increased expenses as a public entity, particularly for legal and compliance costs, following the IPO[85]. - The company has until December 19, 2025, to complete its initial business combination; otherwise, it will cease operations and redeem public shares[94]. - The company intends to use substantially all funds in the trust account to complete its initial business combination, with any remaining funds used for working capital[91].
YHN Acquisition I Ltd(YHNA) - 2024 Q3 - Quarterly Report