IPO and Financing - The company completed its IPO on August 2, 2024, generating gross proceeds of $300 million from the sale of 30 million Units at $10.00 per Unit[106]. - The company placed $346,725,000 in a trust account from the net proceeds of the IPO and Private Placement, intended for the initial business combination[109]. - The underwriters exercised the over-allotment option in full on September 4, 2024, selling an additional 4,500,000 Units for gross proceeds of $45 million[126]. - The company issued a convertible promissory note of $1,000,000 to the Sponsor on May 22, 2025, to fund working capital needs, which may be converted into private units at a price of $10.00 per unit[120]. - The company incurred transaction costs of $14,634,758 related to the IPO, including $5,175,000 in cash underwriting fees and $8,625,000 in deferred underwriting fees[108]. Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $3,559,622, offsetting an operating loss of $166,763 with income from the Trust Account and bank account totaling $3,726,385[104]. - For the six months ended June 30, 2025, the company had a net income of $6,945,953, which included an operating loss of $482,973 and income of $7,428,926 from the Trust Account and bank account[105]. - As of June 30, 2025, the company had cash of $864,995 available for operational needs and due diligence on prospective target businesses[111]. Operations and Compliance - The company has not engaged in any operations or generated revenues to date, focusing on completing its initial business combination[103]. - The company incurred administrative fees of $30,000 and $60,000 for the three and six months ended June 30, 2025, respectively, for office space and support services[118]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act as an "emerging growth company" for a period of five years or until it no longer qualifies[130]. - Management does not anticipate that recently issued accounting standards will have a material effect on the condensed financial statements[131]. - The company qualifies as a smaller reporting company and is not required to provide certain market risk disclosures[132].
AA Mission Acquisition Corp.(AAM) - 2025 Q2 - Quarterly Report