IPO and Fundraising - The Company completed its IPO on February 14, 2025, issuing 8,625,000 units at a price of $10.00 per unit, generating gross proceeds of $86,250,000[49]. - A private placement of 265,625 units was also completed simultaneously, generating gross proceeds of $2,656,250[50]. - The Sponsor provided a $500,000 non-interest-bearing loan, which was deposited into the Trust Account to ensure $10.00 per public share was placed in trust[51]. - Following the IPO, the Company had access to approximately $305,000 of funds held outside the Trust Account for working capital needs[64]. - The deferred underwriting commission of $3,450,000 will be payable solely upon the consummation of the Company's initial Business Combination[67]. - The Company issued 8,050,000 Class B ordinary shares to the Sponsor for an aggregate purchase price of $25,000, resulting in a cost of approximately $0.003 per share[69]. - The Sponsor paid certain formation and operating expenses on behalf of the Company, totaling $131,602 from inception through December 31, 2024[73]. Financial Performance - As of December 31, 2024, the Company incurred a net loss of $(7,712), primarily due to formation and audit-related expenses[61]. - The Company had no cash as of December 31, 2024, and its liquidity needs prior to the IPO were satisfied through a $25,000 capital contribution from the Sponsor[62]. - As of December 31, 2024, the Company had no cash and cash equivalents[80]. - The provision for income taxes was deemed to be de minimis from May 31, 2024, through December 31, 2024[86]. - Net loss per common share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, with no dilutive securities affecting this calculation as of December 31, 2024[88]. Company Classification and Risk - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements, which may affect the attractiveness of its securities to investors[76]. - The Company has not experienced losses on its cash account, which may exceed the Federal Depository Insurance Coverage of $250,000, indicating low credit risk[87]. Accounting and Financial Instruments - The fair value of the Company's financial instruments approximates their carrying amounts due to their short-term nature[91]. - Management does not anticipate that recently issued accounting standards will materially affect the Company's financial statements[92]. Business Combination Timeline - The Company will have 15 months (or up to 18 months with extensions) from the closing of the IPO to complete a Business Combination[57].
Maywood Acquisition Corp Unit(MAYAU) - 2024 Q4 - Annual Report