Financial Performance - Net income for the nine months ended September 30, 2025, was $961,651, down 54.4% from $2,108,102 for the same period in 2024[12]. - The company reported a loss from operations of $585,170 for the nine months ended September 30, 2025, compared to a loss of $662,765 for the same period in 2024, reflecting a 11.7% improvement[12]. - Basic and diluted net income per ordinary share subject to possible redemption was $0.15 for the nine months ended September 30, 2025, down from $0.23 for the same period in 2024[12]. - The company generated $1,546,821 in interest income on cash held in trust for the nine months ended September 30, 2025, compared to $2,770,867 for the same period in 2024, a decrease of 44.3%[16]. - For the nine months ended September 30, 2025, the company reported a net income of $961,651, consisting of interest income of $1,546,821, offset by formation and operational costs of $585,170[97]. Assets and Liabilities - As of September 30, 2025, total assets were $45,468,518, a decrease of 38.3% from $73,814,933 on December 31, 2024[10]. - Cash held in the Trust Account decreased to $45,443,570 from $73,784,549, a decline of 38.4%[10]. - The company had total current liabilities of $2,774,428 as of September 30, 2025, compared to $816,994 as of December 31, 2024, indicating a significant increase[10]. - As of September 30, 2025, the Company had $45,443,570 in its Trust Account and a working capital deficit of $2,749,480[37]. - As of September 30, 2025, the note payable balance was $1,655,400, reflecting the total amount due for extensions[68]. Trust Account and Shareholder Information - Following the Initial Public Offering, $69,690,000 was placed in a Trust Account, held as cash or invested in U.S. government securities[23]. - Shareholders can redeem Public Shares for a pro rata portion of the Trust Account, initially valued at $10.10 per share[25]. - As of September 30, 2025, 3,995,733 ordinary shares were subject to possible redemption, valued at redemption amount as temporary equity[49]. - On February 5, 2025, 2,904,267 shares were redeemed at approximately $10.77 per share, totaling about $31.27 million[33]. - A total of $69,690,000 from the IPO and private placement proceeds was placed in the Trust Account, held as cash or invested in U.S. government securities[116]. Initial Public Offering (IPO) and Financing - The Initial Public Offering generated gross proceeds of $69,000,000, with offering costs of $2,070,665 and deferred underwriting commissions of $690,000[21]. - 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 at $10.00 per Unit[62]. - The Sponsor purchased 332,000 Private Units at a price of $10.00 per Private Unit, totaling $3,320,000[63]. - The underwriters received a cash underwriting discount of $1,380,000 from the Initial Public Offering, with a deferred fee of $690,000 upon closing of a business combination[81]. - The Company incurred $1,380,000 in underwriting discounts and $550,000 in other costs related to the IPO[117]. Business Operations and Future Plans - The company has not yet commenced any operations and is focused on pursuing a business combination in the healthcare innovation sector[19]. - The Company has until December 6, 2025, to complete a business combination, having extended the period twelve times[35]. - The company expects to close the business combination with United Hydrogen in early 2026, subject to various conditions including shareholder approvals and regulatory clearances[95]. - The Company has not engaged in any operations or generated any revenue to date, with all activities focused on preparing for the IPO and identifying a target company for a business combination[96]. - The Company must complete a business combination by December 6, 2025, with the possibility of extending the deadline up to twelve times by one month each time[67]. Administrative and Compliance Matters - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[42]. - The company has incurred expenses related to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[96]. - The company’s disclosure controls and procedures were not effective as of September 30, 2025, according to management's evaluation[108]. - The Company agreed to pay the Sponsor $10,000 per month for administrative services, with an unpaid balance of $210,000 as of September 30, 2025[71]. - The total amount due to a related company was $826,419 as of September 30, 2025, for administrative services and IPO-related costs[70].
Aimei Health Technology Co., Ltd(AFJKU) - 2025 Q3 - Quarterly Report