IPO and Fundraising - The company completed its initial public offering (IPO) on September 19, 2024, raising gross proceeds of $60,000,000 from the sale of 6,000,000 public units at $10.00 per unit[110]. - A private placement of 250,000 units was also completed simultaneously, generating an additional $2,500,000 in proceeds[111]. Financial Performance - For the year ended December 31, 2024, the company reported a net income of $502,638, while for the period from inception to December 31, 2023, it incurred a net loss of $3,680[115]. - Basic and diluted net income per share for the year ended December 31, 2024, was reported at $0.38 for redeemable ordinary shares[132]. Cash and Assets - As of December 31, 2024, the company had cash of $669,250 and transaction costs related to the IPO amounted to $2,840,203[116][118]. - The ordinary shares subject to possible redemption as of December 31, 2024, amounted to $61,089,076, reflecting gross proceeds of $60,000,000 and adjustments for offering costs and accretion[130]. Business Combination Plans - The company has until December 18, 2025, to complete its initial business combination, or it will be required to redeem 100% of its outstanding public shares[121][122]. - The company plans to utilize substantially all funds in the trust account to complete its initial business combination and may withdraw interest earned to pay taxes[119]. - Prior to the business combination, approximately $750,000 will be available for identifying and evaluating target businesses[120]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2024[124].
YHN Acquisition I Ltd(YHNA) - 2024 Q4 - Annual Report