Financial Performance - The company had a net income of $2,963,852 for the year ended December 31, 2024, consisting of a loss of $633,764 from operating costs and interest expense of $87,267, offset by income from the Trust Account of $3,684,883[60]. - As of December 31, 2024, the company had cash and cash equivalents of $103,774 and a working capital deficit of $799,056[66]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination[59]. IPO and Fundraising - The company completed its IPO on July 14, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[61]. - Following the IPO, the company placed $69,690,000 in a trust account, which may be used to complete its initial business combination[63]. - The company incurred transaction costs of $3,318,898 related to the IPO, including $1,725,000 in cash underwriting fees[62]. Business Operations and Future Plans - The company expects to incur significant costs related to being a public company and for due diligence expenses in connection with its acquisition plans[58]. - The company has engaged EBC as an advisor for its Business Combination, agreeing to pay a service fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial Business Combination[71]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern if it cannot complete a Business Combination within the specified period[66]. - The company has no off-balance sheet financing arrangements as of December 31, 2024[67].
Bowen Acquisition Corp(BOWNU) - 2024 Q4 - Annual Report