IPO and Financing - The company completed its IPO on January 24, 2025, raising total gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[92]. - The company intends to use substantially all net proceeds from the IPO for acquiring a target business and covering related expenses[105]. - The company had cash of $894,161 and working capital of $871,816 as of March 31, 2025, with cash provided by financing activities amounting to $61,066,688[104]. - The company issued 1,437,500 founder shares to the sponsor for a total purchase price of $25,000, equating to approximately $0.0167 per share[98]. Financial Performance - As of March 31, 2025, the company reported a net income of $149,799, primarily from interest income of $403,733, offset by general and administrative expenses of $253,934[103]. - The company has incurred losses since inception, relying on the sale of securities and loans from the sponsor to fund operations, with no revenue generated to date[96]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[110][111]. Business Operations - The company has not identified any target business for its initial business combination as of the reporting date[91]. - The company has until January 22, 2026, to complete its initial business combination, failing which it will trigger an automatic winding up and liquidation[109]. - The company expects to incur increased expenses related to being a public company and searching for target opportunities[102].
Columbus Acquisition Corp(COLA) - 2025 Q1 - Quarterly Report