Financial Performance - The company reported a net income of $184,662 for the three months ended March 31, 2025, compared to $755,500 for the same period in 2024, reflecting a decline of approximately 75.6%[12]. - The basic and diluted net income per ordinary share subject to possible redemption was $0.03 for the three months ended March 31, 2025, down from $0.08 for the same period in 2024[12]. - The Company reported a net income of $184,662 for the three months ended March 31, 2025, compared to $755,500 for the same period in 2024, indicating a decrease of approximately 75.6%[61]. - Basic and diluted net income per share for the three months ended March 31, 2025, was $0.03, consistent with the same period in 2024, which was $0.08[61]. Assets and Liabilities - As of March 31, 2025, total assets amounted to $43,602,847, a decrease from $73,814,933 as of December 31, 2024[10]. - Total current liabilities increased to $1,685,746 as of March 31, 2025, from $816,994 as of December 31, 2024, representing a rise of about 106.1%[10]. - Cash held in the Trust Account decreased to $43,594,825 as of March 31, 2025, down from $73,784,549 as of December 31, 2024[10]. - As of March 31, 2025, the accumulated deficit increased to $(2,367,937) from $(1,476,823) as of January 1, 2025[15]. - The Company has a working capital deficit of $1,677,724 as of March 31, 2025[40]. - The Company had a total amount due to a related company of $472,926 as of March 31, 2025, compared to $289,780 as of December 31, 2024, reflecting an increase of approximately 63.2%[80]. Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $224,009 for the three months ended March 31, 2025, compared to $166,970 for the same period in 2024[17]. - The Company has not drawn any amounts under Working Capital Loans as of March 31, 2025[41]. - The Company’s liquidity is primarily supported by net proceeds from the Initial Public Offering and Private Placement[41]. - The Company issued unsecured promissory notes totaling $755,400 as of March 31, 2025, to extend the time available to complete a business combination[78]. - The Company issued unsecured promissory notes of $150,000 to extend the time to complete a business combination until June 6, 2025[102]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 units[22]. - The IPO generated gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit, with an additional $9,000,000 from the Over-Allotment Option[125][127]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the IPO, amounting to $1,380,000, with a deferred fee of 1.0% or $690,000 upon closing of a business combination[93]. - The Company issued 69,000 ordinary shares as representative compensation as part of the underwriters' over-allotment option[91]. - A total of $69,690,000 of net proceeds from the IPO and Private Placement were placed in the Trust Account[127]. Business Operations and Future Plans - The Company has not yet commenced any operations and will not generate operating revenue until after completing its initial business combination[21]. - The Company has until June 6, 2025, to complete a business combination after extending the period six times, with each extension costing $150,000[39]. - The Company has entered into a definitive Business Combination Agreement with United Hydrogen Group Inc. and its subsidiaries[35]. - If the initial business combination is not completed within the prescribed period, Aimei Health may be required to cease operations and liquidate[112]. - Management believes there will be sufficient working capital to meet anticipated cash needs prior to the initial business combination[111]. Shareholder Information - The Company authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share, with initial shareholders collectively owning approximately 20% post-IPO[83]. - As of March 31, 2025, there were 2,126,000 ordinary shares issued and outstanding, excluding 3,995,773 and 6,900,000 shares subject to possible redemption[85]. - Holders of rights will receive one-fifth of one ordinary share upon consummation of a business combination, with no additional consideration required[86]. - A total of 2,904,267 shares were redeemed at approximately $10.77 per share, totaling around $31.27 million[37]. - On February 5, 2025, certain shareholders redeemed 2,904,267 shares at approximately $10.77 per share, totaling around $31.27 million[84]. Regulatory Compliance - The certifications of the Principal Executive Officer and Principal Financial Officer were completed in accordance with the Sarbanes-Oxley Act of 2002[31.1][31.2]. - Inline XBRL Instance Document and related taxonomy extension documents were filed, indicating compliance with SEC requirements[101.INS][101.SCH][101.CAL][101.DEF][101.LAB][101.PRE]. - The report was signed on May 14, 2025, by the Chief Executive Officer and Chief Financial Officer, indicating the company's commitment to regulatory compliance[136].
Aimei Health Technology(AFJK) - 2025 Q1 - Quarterly Report