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[94]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[95]. - The total transaction costs for the IPO amounted to $2,840,203, including $960,000 in underwriting fees[107]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional units, which was not exercised[116]. Financial Performance - For the nine months ended September 30, 2025, the company reported a net income of $1,041,201, compared to a net loss of $17,788 for the same period in 2024[103]. - For the three months ended September 30, 2025, the basic and diluted net income per share for redeemable ordinary shares was $0.09, compared to a loss of $(0.02) for the same period in 2024[121]. - For the nine months ended September 30, 2025, the basic and diluted net income per share for redeemable ordinary shares was $0.21, compared to a loss of $(0.12) for the same period in 2024[121]. - The total expenses for the three months ended September 30, 2025, were $(102,956), compared to $(30,029) for the same period in 2024[121]. Cash and Assets - As of September 30, 2025, the company had cash of $95,142 available for operations[105]. - As of September 30, 2025, the ordinary shares subject to possible redemption amounted to $63,023,976, an increase from $61,089,076 as of December 31, 2024, reflecting a remeasurement of $1,934,900[119]. - The gross proceeds from ordinary shares subject to possible redemption were $60,000,000, with offering costs of $2,661,858 and proceeds allocated to public rights of $3,767,573[119]. - 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[119]. - The weighted-average shares outstanding for redeemable ordinary shares for the three months ended September 30, 2025, was 6,000,000, consistent with the previous year[121]. Business Operations and Agreements - The company has entered into a Business Combination Agreement with Mingde Technology Limited, with an aggregate consideration of $280,000,000 plus up to $80,000,000 in earnout consideration[101]. - The company has until December 18, 2025, to complete its initial business combination, or it will cease operations and redeem outstanding public shares[111]. - The company expects to incur increased expenses as a result of being a public entity, particularly for legal and compliance costs[102]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2025[113]. Risk Management - The company has not been subject to any market or interest rate risk as of September 30, 2025, due to investments in U.S. government treasury bills and money market funds[122]. - The company has elected to recognize changes in the redemption value of ordinary shares immediately, treating the accretion as a deemed dividend[118].
YHN Acquisition I Ltd(YHNA) - 2025 Q3 - Quarterly Report