IPO and Financing - The company completed its initial public offering (IPO) on September 19, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000[92]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[93]. - The total transaction costs for the IPO amounted to $2,840,203, which included $960,000 in underwriting fees and $1,500,000 in deferred underwriting fees[104]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional units, which was not exercised[113]. Financial Performance - As of June 30, 2025, the company reported a net income of $522,549 for the six months ended June 30, 2025, compared to a net loss of $41,510 for the same period in 2024[100]. - The net income per share for the three months ended June 30, 2025, was $0.02 for redeemable ordinary shares, compared to a loss of $(0.09) for the same period in 2024[117]. - For the six months ended June 30, 2025, the net income per share was $0.12 for redeemable ordinary shares, while the loss for the same period in 2024 was $(0.10)[118]. - The total expenses for the three months ended June 30, 2025, were $517,410, compared to $150,911 for the same period in 2024[117]. - The company reported interest income earned in investments held in Trust Account of $643,571 for the three months ended June 30, 2025[117]. Cash and Investments - The company has cash of $47,849 as of June 30, 2025, with approximately $750,000 available outside the trust account for operational purposes[102][106]. - The company has invested the net proceeds from its Initial Public Offering in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less, minimizing exposure to interest rate risk[119]. Business Combination and Operations - The business combination agreement with Mingde Technology Limited includes a total consideration of $326,000,000, plus up to $70,000,000 in earnout consideration[98]. - The company has until December 18, 2025, to complete its initial business combination, or it will cease operations and redeem public shares[108]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[110]. - Monthly fees of $10,000 are payable to the Sponsor for general and administrative services until the completion of the business combination[111]. Shareholder Equity - As of June 30, 2025, the ordinary shares subject to possible redemption amounted to $62,372,343, an increase from $61,089,076 as of December 31, 2024, reflecting a remeasurement of $1,283,267[116]. - The accretion of carrying value to redemption value for 2024 was $6,729,431, contributing to the increase in ordinary shares subject to possible redemption[116]. - The total allocation to redeemable and non-redeemable ordinary shares for the three months ended June 30, 2025, was $126,161[117]. - The company has opted to recognize changes in the redemption value of ordinary shares subject to possible redemption immediately, treating it as a deemed dividend[115].
YHN Acquisition I Limited(YHNAU) - 2025 Q2 - Quarterly Report