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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from to
Commission
File Number: 001-41880
AIMEI
HEALTH TECHNOLOGY CO., LTD
(Exact
name of registrant as specified in its charter)
Cayman
Islands |
|
N/A |
(State
or other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
10
East 53rd Street, Suite 3001
New
York, NY 10022
(Address
of principal executive offices) (Zip Code)
+34
678 035200
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each Class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Ordinary
Shares, par value $0.0001 per share |
|
AFJK |
|
The
Nasdaq Stock Market LLC |
Rights,
exchangeable into one-fifth of one Ordinary Share |
|
AFJKR |
|
The
Nasdaq Stock Market LLC |
Units,
each consisting of one Ordinary Share and one Right |
|
AFJKU |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
As
of August 8, 2024, there were 9,026,000 ordinary shares of the Company issued and outstanding.
Aimei
Health Technology Co., Ltd
Form
10-Q
For
the Quarterly Period Ended June 30, 2024
Contents
Part
I |
Financial Information |
1 |
|
|
|
Item
1 |
Financial Statements |
1 |
|
|
|
|
Unaudited Balance Sheets as of June 30, 2024 and December 31, 2023 |
1 |
|
|
|
|
Unaudited Statement of Operations for the three and six months ended June 30, 2024 and for the period from April 27, 2023 (inception) through June 30, 2023 |
2 |
|
|
|
|
Unaudited Statement of Changes in Shareholders’ Deficit for the three and six months ended June 30, 2024 and for the period from April 27, 2023 (inception) through June 30, 2023 |
3 |
|
|
|
|
Unaudited Statement of Cash Flows for the six months ended June 30, 2024 and for the period from April 27, 2023 (inception) through June 30, 2023 |
4 |
|
|
|
|
Notes to Unaudited Financial Statements |
5 |
|
|
|
Item
2 |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
16 |
|
|
|
Item
3 |
Quantitative and Qualitative Disclosures about Market Risk |
18 |
|
|
|
Item
4 |
Controls and Procedures |
18 |
|
|
|
Part
II |
Other Information |
19 |
|
|
|
Item
1 |
Legal Proceedings |
19 |
|
|
|
Item
1A |
Risk Factors |
19 |
|
|
|
Item
2 |
Unregistered Sales of Equity Securities and Use of Proceeds |
19 |
|
|
|
Item
3 |
Defaults Upon Senior Securities |
19 |
|
|
|
Item
4 |
Mine Safety Disclosures |
20 |
|
|
|
Item
5 |
Other Information |
20 |
|
|
|
Item
6 |
Exhibits |
20 |
|
|
|
Signature |
|
21 |
AIMEI
HEALTH TECHNOLOGY CO., LTD
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
AIMEI
HEALTH TECHNOLOGY CO., LTD
UNAUDITED
BALANCE SHEETS
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Cash | |
$ | 157,505 | | |
$ | 580,717 | |
Prepaid expenses | |
| 46,840 | | |
| - | |
Total current assets | |
| 204,345 | | |
| 580,717 | |
Cash and marketable securities held in Trust Account | |
| 71,717,186 | | |
| 69,889,848 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 71,921,531 | | |
$ | 70,470,565 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accrued expenses | |
$ | 59,412 | | |
$ | 24,841 | |
Due to a related company | |
| 51,803 | | |
| - | |
Total current liabilities | |
| 111,215 | | |
| 24,841 | |
| |
| | | |
| | |
Deferred underwriting compensation | |
| 690,000 | | |
| 690,000 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 801,215 | | |
| 714,841 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
Ordinary shares, subject to possible redemption. 6,900,000 and 6,900,000 shares issued and outstanding at redemption value of $10.39 and $10.13 as of June 30, 2024 and December 31, 2023, respectively | |
| 71,717,186 | | |
| 69,889,848 | |
| |
| | | |
| | |
Shareholders’ deficit: | |
| | | |
| | |
Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,126,000 and 2,126,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (excluding 6,900,000 and 6,900,000 shares subject to possible redemption, respectively) | |
| 213 | | |
| 213 | |
Accumulated deficit | |
| (597,083 | ) | |
| (134,337 | ) |
| |
| | | |
| | |
Total Shareholders’ Deficit | |
| (596,870 | ) | |
| (134,124 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT | |
$ | 71,921,531 | | |
$ | 70,470,565 | |
See
accompanying notes to unaudited financial statements.
AIMEI
HEALTH TECHNOLOGY CO., LTD
UNAUDITED
STATEMENTS OF OPERATIONS
| |
Three months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | | |
Six months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
| |
| | |
| | |
| | |
| |
Formation and operating costs | |
| (309,114 | ) | |
| (3,618 | ) | |
$ | (462,746 | ) | |
$ | (3,618 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income: | |
| | | |
| | | |
| | | |
| | |
Interest earned on investments held in trust | |
| 918,206 | | |
| - | | |
| 1,827,338 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total other income | |
| 918,206 | | |
| - | | |
| 1,827,338 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET INCOME (LOSS) | |
| 609,092 | | |
| (3,618 | ) | |
$ | 1,364,592 | | |
$ | (3,618 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted weighted average shares outstanding, ordinary shares subject to possible redemption | |
| 6,900,000 | | |
| - | | |
| 6,900,000 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted net income per ordinary shares subject to possible redemption | |
$ | 0.07 | | |
$ | - | | |
$ | 0.15 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted weighted average shares outstanding, ordinary shares attributable to not subject to possible redemption(1) | |
| 2,126,000 | | |
| 1,250,000 | | |
| 2,126,000 | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share, ordinary shares attributable to not subject to possible redemption | |
$ | 0.07 | | |
$ | (0.00 | ) | |
$ | 0.15 | | |
$ | (0.00 | ) |
See
accompanying notes to unaudited financial statements.
AIMEI
HEALTH TECHNOLOGY CO., LTD
UNAUDITED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
| |
No. of
shares | | |
Amount | | |
paid-in
capital | | |
Accumulated
deficit | | |
Stockholders’
deficit | |
| |
Six Months Ended June 30, 2024 | |
| |
Ordinary shares | | |
Additional | | |
| | |
Total | |
| |
No. of
shares | | |
Amount | | |
paid-in
capital | | |
Accumulated
deficit | | |
Shareholders’
deficit | |
| |
| | |
| | |
| | |
| | |
| |
Balance as of December 31, 2023 | |
| 2,126,000 | | |
$ | 213 | | |
$ | - | | |
$ | (134,337 | ) | - |
$ | (134,124 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Remeasurement of ordinary shares subject to possible redemption | |
| - | | |
| - | | |
| - | | |
| (909,132 | ) | - |
| (909,132 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 755,500 | | |
| 755,500 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of March 31, 2024 | |
| 2,126,000 | | |
$ | 213 | | |
$ | - | | |
$ | (287,969 | ) | - |
$ | (287,756 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Remeasurement of ordinary shares subject to possible redemption | |
| - | | |
| - | | |
| - | | |
| (918,206 | ) | |
| (918,206 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| 609,092 | | - |
| 609,092 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2024 | |
| 2,126,000 | | |
$ | 213 | | |
| - | | |
| (597,083 | ) | - |
| (596,870 | ) |
| |
No. of shares | | |
Amount | | |
Paid-In Capital | | |
Accumulated Deficit | | |
Subscription Receivable | | |
Stockholders’ Deficit | |
| |
For The Period From April 27, 2023 (Inception) June 30, 2023 | |
| |
Ordinary shares | | |
Additional | | |
| | |
| | |
Total | |
| |
No. of shares | | |
Amount | | |
Paid-In Capital | | |
Accumulated Deficit | | |
Subscription Receivable | | |
Shareholders’ Deficit | |
Balance – April 27, 2023 (inception) | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Balance | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of Founder Shares to Sponsor for subscription receivable (1) | |
| 1,437,500 | | |
| 144 | | |
| 24,856 | | |
| - | | |
| (25,000 | ) | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (3,618 | ) | |
| - | | |
| (3,618 | ) |
Net Income (loss) | |
| - | | |
| - | | |
| - | | |
| (3,618 | ) | |
| - | | |
| (3,618 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – June 30, 2023 | |
| 1,437,500 | | |
$ | 144 | | |
$ | 24,856 | | |
$ | (3,618 | ) | |
$ | (25,000 | ) | |
$ | (3,618 | ) |
Balance | |
| 1,437,500 | | |
$ | 144 | | |
$ | 24,856 | | |
$ | (3,618 | ) | |
$ | (25,000 | ) | |
$ | (3,618 | ) |
See
accompanying notes to unaudited financial statements.
AIMEI
HEALTH TECHNOLOGY CO., LTD
UNAUDITED
STATEMENTS OF CASH FLOWS
| |
Six Months Ended | | |
For The Period from April 27, 2023 (Inception) | |
| |
June 30, 2024 | | |
June 30, 2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 1,364,592 | | |
| (3,618 | ) |
Adjustments to reconcile net income to net cash used in operating activities: | |
| | | |
| | |
Interest earned in on investments held in trust | |
| (1,827,338 | ) | |
| - | |
Change in operating assets and liabilities: | |
| | | |
| | |
Formation casts paid by Sponsor under Promissory Note – Related Party | |
| - | | |
| 3,618 | |
Prepaid expenses | |
| (46,840 | ) | |
| - | |
Due to a related company | |
| 51,803 | | |
| - | |
Accrued expenses | |
| 34,571 | | |
| - | |
Net cash used in operating activities | |
| (423,212 | ) | |
| - | |
| |
| | | |
| | |
NET CHANGE IN CASH | |
| (423,212 | ) | |
| - | |
| |
| | | |
| | |
CASH, BEGINNING OF PERIOD | |
| 580,717 | | |
| - | |
| |
| | | |
| | |
CASH, END OF PERIOD | |
$ | 157,505 | | |
| - | |
| |
| | | |
| | |
Non-cash investing and financing activities | |
| | | |
| | |
Remeasurement of ordianry shares subject to possible redemption | |
$ | 1,827,338 | | |
$ | - | |
Deferred offering costs included in promissory note | |
$ | - | | |
$ | 210,151 | |
See
accompanying notes to unaudited financial statements.
AIMEI
HEALTH TECHNOLOGY CO., LTD
NOTES
TO UNAUDITED FINANCIAL STATEMENTS
NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND
Aimei
Health Technology Co., Ltd. (the “Company”) is a blank check company incorporated in the Cayman Islands on .
The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more businesses or entities. Although
there is no restriction or limitation on what industry its target operates in, it is the Company’s intention to pursue prospective
targets that are focused on healthcare innovation. The Company anticipates targeting what are traditionally known as “small cap”
companies domiciled in North America, Europe and/or the Asia Pacific regions that are developing assets in the biopharmaceutical, medical
technology/medical device and diagnostics space which aligns with its management team’s experience in operating health care companies
and in drug and device technology development as well as diagnostic and other services.
As
of June 30, 2024, the Company had not yet commenced any operations. All activities through June 30, 2024 related to the Company’s
formation and the Initial Public Offering (as defined below). Since the Initial Public Offering, the Company’s activity has been
limited to the evaluation of business combination candidates. The Company will not generate any operating revenue until after the completion
of its initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income on
cash in bank and investments held in the Trust Account (as defined below) from the proceeds derived from the Initial Public Offering.
The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such,
the Company is subject to all of the risks associated with early stage and emerging growth companies.
The
Company’s sponsor is Aimei Investment Ltd, a Cayman Islands exempted company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on November 30, 2023. On December 6, 2023, the Company consummated
its Initial Public Offering of 6,900,000 units (the “Units” and, with respect to the ordinary shares included in the Units
being offered, the “Public Shares”), at $10.00 per Unit, which includes full exercise of the underwriters’ over-allotment
option of 900,000 Units, generating gross proceeds of $69,000,000 (the “Initial Public Offering”), and incurring offering
costs of $2,070,665 and $690,000 for deferred underwriting commissions (see Note 7). The Company granted the underwriters a 45-day option
to purchase up to an additional 900,000 Units at the Initial Public Offering price to cover over-allotments, if any. On December 6, 2023,
the over-allotment option was exercised in full.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 332,000 units
(the “Private Units”) to the Sponsor at a price of $10.00 per Unit, generating total gross proceeds of $3,320,000 (the “Private
Placement”). (see Note 4).
Following
the closing of the Initial Public Offering on December 6, 2023, an amount of $69,690,000 ($10.10 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Private Units was placed in a trust
account (the “Trust Account”), located in the United States and held as cash items or may be invested only in U.S. government
treasury bills, notes and bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
under the Investment Company Act and which invest solely in U.S. Treasuries, as determined by the Company, until the earlier of: (i)
the consummation of a business combination, or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders,
as described below.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the
completion of its initial business combination either (i) in connection with a shareholder meeting called to approve the initial
business combination or (ii) by means of a tender offer. In connection with a proposed business combination, the Company may seek
shareholder approval of a business combination at a meeting called for such purpose at which shareholders may seek to redeem their
shares, regardless of how they vote for the business combination. If a vote is held to approve such an initial business combination,
the Company will consummate such initial business combination only if the Company has the affirmative vote of a majority of the
shareholders who attend and vote at a general meeting of the Company.
The
shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a business combination with respect to the Company’s rights.
If
a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other reasons, the Company
will, pursuant to its amended and restated memorandum and articles of association, conduct the redemptions pursuant to Rule 13e-4 and
Regulation 14E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which regulate issuer tender offers,
and file tender offer documents with the U.S. Securities and Exchange Commission (the “SEC”) prior to completing its initial
business combination which contain substantially the same financial and other information about the initial business combination as is
required under the SEC’s proxy rules.
The
Sponsor has agreed (i) to vote any shares owned by them in favor of any proposed business combination, (ii) not to redeem any shares
in connection with a shareholder vote to approve a proposed initial business combination or any amendment to the Company’s charter
prior to the consummation of its initial business combination and (iii) not to sell any shares to us in a tender offer in connection
with any proposed business combination. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with
respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its business combination.
The
Company will have until 12 months from the closing of the Initial Public Offering (or up to 24 months from the closing of the Initial
Public Offering if the Company extends the period of time to consummate a business combination by up to 12 additional months through
12 one-month extensions of time, as further provided in the Company’s amended and restated memorandum and articles of association)
to consummate a business combination (the “Combination Period”). If the Company is unable to complete a business combination
within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than five business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely
extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s
remaining holders of ordinary shares and its board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution
of the Company, subject (in the case of (ii) and (iii) above) to its obligations to provide for claims of creditors and the requirements
of applicable law.
The
underwriters have agreed to waive their rights to the deferred underwriting commission held in the Trust Account in the event the
Company does not complete a business combination within the Combination Period and, in such event, such amounts will be included
with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such
distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the
offering price per Unit ($10.00).
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.10 per share (whether or not the underwriters’ over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under its indemnity of the underwriters of the Initial Public Offering against certain liabilities, including
liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor
will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether
the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities
of the Company. The Company has not asked the Sponsor to reserve for such obligations and therefore believe the Sponsor will be unlikely
to satisfy its indemnification obligations if it is required to do so. However, the Company believes the likelihood of the Sponsor having
to indemnify the Trust Account is limited because the Company will endeavor to have all vendors and prospective target businesses as
well as other entities execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held
in the Trust Account.
On
June 19, 2024, the Company entered into a definitive Business Combination Agreement (the “Merger Agreement”) for a
business combination with (i) United Hydrogen Group Inc., an exempted company incorporated with limited liability in the Cayman
Islands (“United Hydrogen”), (ii) United Hydrogen Global Inc., an exempted company incorporated with limited liability
in the Cayman Islands (“Pubco”), (iii) United Hydrogen Victor Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“First Merger Sub”); (iv) United Hydrogen
Worldwide Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of
Pubco (“Second Merger Sub” and, together with Pubco and First Merger Sub, each, individually, an “Acquisition
Entity” and, collectively, the “Acquisition Entities”); and (v) Aimei Investment Ltd., a Cayman Islands exempted
company, in the capacity as, from and after the closing of the transactions contemplated by the Merger Agreement (the
“Closing”), the representative for the Company and its shareholders (the “Sponsor”).
Pursuant
to the Merger Agreement, subject to the terms and conditions set forth therein, (i) First Merger Sub will merge with and into the United
Hydrogen (the “First Merger”), whereby the separate existence of First Merger Sub will cease, and United Hydrogen will be
the surviving corporation of the First Merger and become a wholly-owned subsidiary of Pubco; and (ii) following confirmation of the effective
filing of the First Merger, and as part of the same overall transaction as the First Merger, Second Merger Sub will merge with and into
the Company (the “Second Merger”, and together with the First Merger, the “Mergers”), whereby the separate existence
of Second Merger Sub will cease, and the Company will be the surviving corporation of the Second Merger as a wholly-owned subsidiary
of Pubco.
Liquidity
and Capital Resources
As
of June 30, 2024, the Company had $157,505 in its operating bank account, $71,717,186 in its Trust Account and working capital of $93,130.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through (i) the payment of $
from the Sponsor to cover certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (see Note 5),
and (ii) a loan from the Sponsor of approximately $ under the Note (as defined in Note 5). The Company has repaid the note in
full on December 7, 2023. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied
through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account.
In addition, in order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor,
or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as
defined in Note 5). As of June 30, 2024, there were no amounts outstanding under any Working Capital Loan.
Over
the period of time to complete a business combination, the Company will be using the funds held outside of the Trust Account for
paying existing accounts payable, identifying and evaluating prospective initial business combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire,
and structuring, negotiating and consummating the business combination.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the Initial Public Offering, the requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate
and dissolve raises substantial doubt about the ability to continue as a going concern. The unaudited financial statements do not include
any adjustments that might result from the outcome of this uncertainty. The accompanying unaudited financial statements have been prepared
in conformity with generally accepted accounting principles in the U.S. (“U.S. GAAP”), which contemplate continuation of
the Company as a going concern.
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
● Basis of presentation
These
accompanying unaudited financial statements have been prepared in accordance with U.S. GAAP for interim financial statements and Article
8 of Regulation S-X. They do not include all of the information and notes required by U.S. GAAP for complete financial statements. The
unaudited financial statements as of June 30, 2024 should be read in conjunction with the Company’s financial statements and notes
thereto for the period from inception through December 31, 2023, included in the Company’s Annual Report on Form 10K. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted,
pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information
and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management,
the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for
the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024
or for any future periods.
● Emerging growth company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited financial
statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
● Use of estimates
The
preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed as of the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from those estimates.
● Cash and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the
cash balance was $157,505 and $580,717, respectively.
● Cash and investment held in trust account
As
of June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the unaudited balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change
in fair value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
unaudited statement of operations. The estimated fair value of investments held in Trust Account are determined using available market
information. As of June 30, 2024 and December 31, 2023, the estimated fair value of investments held in Trust Account was $71,717,186
and $69,889,848, respectively.
● Ordinary shares subject to possible redemption
All
of the 6,900,000 ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for
the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate
of incorporation. In accordance with Accounting Standards Codification (“ASC”) 480, conditionally redeemable ordinary shares
(including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon
the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation
events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions
of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will
not redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001.
However, the threshold in its charter would not change the nature of the underlying shares as redeemable and thus Public Shares would
be required to be disclosed outside of permanent equity. Accordingly, as of June 30, 2024 and December 31, 2023, 6,900,000 and 6,900,000
ordinary shares subject to possible redemption at the redemption amount, respectively, were presented at redemption value as temporary equity, outside
of the shareholders’ deficit section of the Company’s unaudited balance sheets.
● Income taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts were accrued for interest
and penalties during the three and six months ended June 30, 2024 and 2023. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there was no provision
for income taxes for the three and six months ended June 30, 2024.
● Net income (loss) per share
Net
income (loss) per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period.
The calculation of diluted loss per share does not consider the effect of the rights issued in connection with the Initial Public Offering
and rights issued as components of the Private Units (the “Private Rights”) since the issuance of shares underlying the rights
is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods.
The
following table reflects the calculation of basic and diluted net income (loss) per ordinary share:
SCHEDULE
OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
| |
For the six months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 1,364,592 | | |
$ | (3,618 | ) |
| |
For the three months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 609,092 | | |
$ | (3,618 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Six Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 1,043,174 | | |
$ | 321,418 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.15 | | |
$ | 0.15 | | |
$ | - | | |
$ | (0.00 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Three Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 465,625 | | |
$ | 143,467 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.07 | | |
$ | 0.07 | | |
$ | - | | |
$ | (0.00 | ) |
● Concentration of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As
of June 30, 2024 and December 31, 2023, $0 and $330,717 was not insured, respectively.
● Fair value of financial instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
Level
1 — defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
Level
2 — defined as inputs other than quoted prices in active markets that are either
directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or
similar instruments in markets that are not active; and
Level
3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers
are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
SCHEDULE
OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES
| |
June 30, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 71,717,186 | | |
$ | 71,717,186 | | |
$ | - | | |
$ | - | |
| |
December 31, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 69,889,848 | | |
$ | 69,889,848 | | |
$ | - | | |
$ | - | |
● Related parties
Parties,
which can be a corporation or individual, are considered to be related if either the Company or the other party has the ability, directly
or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational
decisions. Companies are also considered to be related if they are subject to common control or significant influence.
● Recent issued accounting standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s unaudited financial statements.
NOTE
3 – INITIAL PUBLIC OFFERING
On
December 6, 2023, the Company consummated its Initial Public Offering of 6,900,000
Units (including the issuance of 900,000
Units as a result of the underwriter’s full exercise of its over-allotment option), at $10.00
per Unit, generating gross proceeds of $69,000,000.
Each Unit consists of one ordinary share and one right (“Public Right”). Each Public Right entitles the holder to receive
one-fifth (1/5) of one ordinary share upon consummation of the Company’s initial business combination, so the holder must
hold rights in multiples of 5 in order to receive shares for all of the rights upon closing of a business combination.
As
of December 31, 2023, the Company incurred offering costs of approximately $2,070,665 and $690,000 for deferred underwriting commissions.
NOTE
4 – PRIVATE PLACEMENT
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 332,000 Private Units at a price of $10.00 per
Private Unit ($3,320,000 in the aggregate).
The
proceeds from the sale of the Private Units will be added to the net proceeds from the Offering held in the Trust Account. The Private
Units are identical to the Units sold in the Initial Public Offering except that Private Units (including the Private Rights) will not
be transferable, assignable or salable until the completion of the Company’s initial business combination except to permitted transferees.
If the Company does not complete a business combination within the Combination Period, the proceeds from the sale of the Private Units
will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Rights will
expire worthless.
NOTE
5 – RELATED PARTY TRANSACTIONS
Founder
Shares
Prior
to the Initial Public Offering, the Company issued an aggregate of 50,000 ordinary shares of $1.00 par value each to Han Huang. On May
11, 2023, Han Huang transferred those ordinary shares to the Sponsor and on May 15, 2023, the Sponsor resolved to sub-divide the ordinary
shares of $1.00 par value each into ordinary shares of $0.0001 par value each and as such the Sponsor held 500,000,000 ordinary shares
of $0.0001 each. On May 15, 2023, the directors resolved to repurchase 498,562,500 ordinary shares from the Sponsor, the repurchase resulting
in the Sponsor holding ordinary shares. On May 25, 2023, founder shares were issued to the Sponsor (up to
of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) pursuant
to a securities subscription agreement and the ordinary shares previously held by the Sponsor were repurchased by the company,
the shares have been retroactively adjusted. On October 20, 2023, the Company capitalized an amount equal to $ standing to the credit
of the share premium account and appropriated such sum and applied it on behalf of the Sponsor towards paying up in full (as to the full
par value of $ per founder share) unissued ordinary shares of $ par value and allotted such shares credited as fully
paid to the Sponsor, resulting in 1,725,000 ordinary shares being issued and outstanding. shares of such ordinary shares are
not subject to forfeiture as the underwriters’ over-allotment was exercised in full. The initial shareholders will collectively
own approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the initial shareholders
do not purchase any Public Shares in the Initial Public Offering and excluding the Private Units and underlying securities).
Subject
to certain limited exceptions, the initial shareholders have agreed not to transfer, assign or sell their founder shares until six months
after the date of the consummation of the Company’s initial business combination or earlier if, subsequent to initial business combination, the Company consummate a subsequent liquidation, merger, share exchange or other similar transaction which results in all
of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note – Related Party
On
May 1, 2023, the Sponsor issued an unsecured promissory note (the “Note”) to the Company, pursuant to which the Company may
borrow up to an aggregate principal amount of $750,000, to be used for payment of costs related to the Initial Public Offering. The Note
is non-interest bearing and payable on the earlier of (i) December 31, 2023, (ii) the consummation of the Initial Public Offering, or
(iii) the date on which the Company determines to not proceed with the Initial Public Offering. These amounts were repaid upon completion
of the Initial Public Offering out of the $550,000 of Initial Public Offering proceeds that has been allocated for the payment of Initial
Public Offering expenses. As of December 6, 2023, the Company has borrowed $210,151 under the Note. The Note was fully repaid on December
7, 2023. There was no outstanding balance due as of June 30, 2024 and December 31, 2023.
Related
Party Loans
In
order to finance transaction costs in connection with a business combination, the Company’s Sponsor or an affiliate of the
Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required
(“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be
repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $ of
notes may be converted upon consummation of a business combination into additional Private Units at a price of $ per
Unit. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust
Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital
Loans. As of June 30, 2024 and December 31, 2023, there was no amount outstanding under any Working Capital Loan.
Due
to a related party
As
of June 30, 2024 and December 31, 2023, the Company had a total amount due to related party of $51,803 and $0 from a related party, respectively, for
the payment of costs related to general and administrative services, the Initial Public Offering and administrative services agreement.
The balance is unsecured, interest-free and has no fixed terms of repayment.
Administrative
Services Arrangement
An
affiliate of the Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq,
through the earlier of the Company’s consummation of a business combination and its liquidation, to make available to the
Company certain general and administrative services, including office space, utilities and administrative services, as the Company
may require from time to time. The Company has agreed to pay to the affiliate of the Sponsor, $10,000
per month, for up to 12 months, subject to extension to up to 24 months, as provided in the Company’s registration statement,
for such administrative services. As of June 30, 2024 and December 31, 2023, the unpaid balance was $60,000
and $0,
respectively, which is included in amount due to related party balance.
NOTE
6 – SHAREHOLDERS’ DEFICIT
Ordinary
Shares
The
Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s ordinary
shares are entitled to one vote for each share. On May 1, 2023, The Company entered into a subscription agreement for founder shares
with the Sponsor which is recorded as subscription receivable. The subscription agreement was amended and restated on May 24, 2023. Prior
to the Initial Public Offering, the Company issued an aggregate of 50,000 ordinary shares of $1.00 par value each to Han Huang. On May
11, 2023, Han Huang transferred those ordinary shares to the Sponsor and on May 15, 2023, the Sponsor resolved to sub-divide the ordinary
shares of $1.00 par value each into ordinary shares of $0.0001 par value each and as such the Sponsor held 500,000,000 ordinary shares
of $0.0001 each. On May 15, 2023, the directors resolved to repurchase 498,562,500 ordinary shares from the Sponsor, the repurchase resulting
in the Sponsor holding ordinary shares. On May 25, 2023, founder shares were issued to the Sponsor pursuant to a
securities subscription agreement for an aggregate purchase price of $ (up to 187,500 of which are subject to forfeiture depending
on the extent to which the underwriters’ over-allotment option is exercised) pursuant to a securities subscription agreement and
the ordinary shares previously held by the Sponsor were repurchased by the Company, the shares having been retroactively adjusted.
As of May 8, 2023, $25,000 was included as a subscription receivable. On September 15, 2023, the Company received $25,000 in cash. The
Sponsor transferred 152,000 of those ordinary shares among the Company’s Chief Executive Officer, Chief Financial Officer and three
independent director nominees at their original purchase price pursuant to executed securities assignment agreements, effective as of
May 25, 2023. On October 20, 2023, the Company capitalized an amount equal to $ standing to the credit of the share premium account
and appropriated such sum and applied it on behalf of the Sponsor towards paying up in full (as to the full par value of $ per
founder share) unissued ordinary shares of $ par value and allotted such shares credited as fully paid to the Sponsor,
resulting in ordinary shares being issued and outstanding. shares of such ordinary shares are not subject to forfeiture
as the underwriters’ over-allotment was exercised in full. The initial shareholders will collectively own approximately 20% of
the Company’s issued and outstanding shares after the Initial public Offering (assuming the initial shareholders do not purchase
any Public Shares in the Initial Public Offering and excluding the Private Units and underlying securities).
As
of June 30, 2024 and December 31, 2023, as a result of the closing of the Initial Public Offering and full exercise of the underwriters’
over-allotment option, there were 2,126,000 ordinary shares issued and outstanding, excluding 6,900,000 ordinary shares subject to possible
redemption.
Rights
Each
holder of a right will receive one-fifth (1/5) of one ordinary share upon consummation of a business combination, even if the holder
of such right redeemed all shares held by it in connection with a business combination. No fractional shares will be issued upon exchange
of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares
upon consummation of a business combination as the consideration related thereto has been included in the unit purchase price paid for
by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a business combination in which the
Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share
consideration the holders of the ordinary share will receive in the transaction on an as- converted into ordinary share basis and each
holder of a right will be required to affirmatively convert its rights in order to receive 1/5th of one share underlying each right (without
paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held
by affiliates of the Company).
Additionally,
in no event will the Company be required to net cash settle the rights. If the Company is unable to complete a business combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such
funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with respect to such rights. Accordingly, the rights may expire worthless.
NOTE
7 – COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the insider shares, as well as the holders of the Private Units (and underlying securities) and any securities issued in payment
of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior to
or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three
demands that the Company register such securities at any time after the Company consummates a business combination. In addition, the
holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation
of a business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the Private Units and the
underlying Private Shares, and the units issuable upon conversion of working capital loans and the underlying ordinary shares and rights,
pursuant to an agreement to be signed prior to or on the effective date requiring the Company to register such securities for resale.
The holders of such securities are entitled to demand that the Company register these securities at any time after consummation of an
initial business combination. Notwithstanding anything to the contrary, any holder that is affiliated with an underwriter participating
in the Initial Public Offering may only make a demand on one occasion and only during the five-year period beginning on the effective
date of the registration statement. In addition, the holders have certain “piggy-back” registration rights on registration
statements filed after the Company’s consummation of a business combination; provided that any holder that is affiliated with an
underwriter participating in the Initial Public Offering may participate in a “piggy-back” registration only during the seven-year
period beginning on the effective date of the registration statement.
Representative
Shares
The
Company issued 69,000 ordinary
shares to the representative (and/or its designees) (the “representative shares”) as part of representative compensation
as the underwriters exercised their over-allotment option in full. The representative shares have been deemed compensation by FINRA
and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales in the
Initial Public Offering pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the
securities by any person for a period of 180 days immediately following the date of the commencement of sales in the Initial Public
Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the
date of the commencement of sales in the Initial Public Offering except to any underwriter and selected dealer participating in the
offering and their officers, partners, registered persons or affiliates.
Underwriter
Agreement
The
underwriters purchased 900,000 additional Units to cover over-allotments.
The
underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%)
of the gross proceeds of the Initial Public Offering, or $1,380,000
as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred fee of one
percent (1.0%)
of the gross proceeds of the Initial Public Offering, or $690,000
as the underwriters’ over-allotment is exercised in full upon closing of the business combination. The deferred fee will be
paid in cash upon the closing of a business combination from the amounts held in the Trust Account, subject to the terms of the
underwriting agreement. In addition, the Company has paid the representative of the underwriters, at the closing of the Initial
Public Offering, 1.00%
of the gross proceeds in the Company’s ordinary shares or 69,000
ordinary shares as the underwriters’ over-allotment is exercised in full.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public Offering and ending 12 months from the closing of a business combination, the
Company has granted Spartan Capital Securities, LLC, a right of first refusal to act as the sole investment banker, sole book running
manager and/or sole placement agent for any and all future private or public equity, equity-linked, convertible and debt offerings during
such period. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years
from the commencement of sales in the Initial Public Offering.
NOTE
8 – SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date, the Company has evaluated all events or transactions that occurred after the balance
sheet date. Other than as described in these unaudited financial statements, the Company did not identify any subsequent events that
would have required adjustment or disclosure in the unaudited financial statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Aimei
Health Technology Co., Ltd. References to our “management” or our “management team” refer to our officers and
directors, and references to our “Sponsor” refer to Aimei Investment Ltd., a Cayman
Islands exempted company with limited liability. The following discussion and analysis of our financial condition and results
of operations should be read in conjunction with the unaudited financial statements and the notes thereto contained elsewhere in this
Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that
involve risks and uncertainties.
Special
Note Regarding Forward-Looking Statements
This
Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts, and
involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements,
other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy,
and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,”
“believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and
similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future
events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors
could cause actual events, performance, or results to differ materially from the events, performance, or results discussed in the forward-looking
statements. For information identifying important factors that could cause actual results to differ materially from those anticipated
in the forward-looking statements, please refer to the Risk Factors section of our final prospectus for our initial public offering (“IPO”)
filed with the U.S. Securities and Exchange Commission (the “SEC”). Our securities filings can be accessed on the EDGAR section
of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, we disclaim any intention or obligation
to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Overview
We
are a blank check company newly incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering
into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with
one or more businesses or entities, which we refer to throughout this report as our initial business combination. Our efforts to identify
a prospective target business will not be limited to a particular industry or geographic region. We do not have any specific business
combination under consideration and we have not (nor has anyone on our behalf), directly or indirectly, contacted any prospective target
business or had any substantive discussions, formal or otherwise, with respect to such a transaction with our company.
Proposed United Hydrogen Business Combination
On June 19, 2024, Aimei Health entered into
a definitive Business Combination Agreement (the “Merger Agreement”) for a business combination with (i) United Hydrogen Group
Inc., an exempted company incorporated with limited liability in the Cayman Islands (“United Hydrogen”), (ii) United Hydrogen
Global Inc., an exempted company incorporated with limited liability in the Cayman Islands (“Pubco”), (iii) United Hydrogen
Victor Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of Pubco;
(iv) United Hydrogen Worldwide Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned
subsidiary of Pubco; and (v) Aimei Investment Ltd., a Cayman Islands exempted company, in
the capacity as, from and after the closing of the transactions contemplated by the Merger Agreement (the “Closing”), the
representative for Aimei Health and its shareholders (the “Sponsor”). The Merger Agreement may be terminated under certain
customary and limited circumstances prior to the consummation of the Closing, including: (i) by mutual written consent of Aimei Health
and United Hydrogen; (ii) by either Aimei Health or United Hydrogen if any law or governmental order (other than a temporary restraining
order) is in effect that permanently restrains, enjoins, makes illegal or otherwise prohibits the mergers and the other transactions contemplated
by the Merger Agreement; (iii) by either Aimei Health or United Hydrogen if any of the conditions to Closing have not been satisfied or
waived by March 31, 2025; (iv) by either Aimei Health or United Hydrogen upon a material breach of any representations, warranties, covenants
or other agreements set forth in the Merger Agreement by the other party if such breach gives rise to a failure of certain closing conditions
to be satisfied and cannot or has not been cured within the earlier of 20 days’ following the receipt of notice from the non-breaching
party and the Termination Date; (v) by either Aimei Health or United Hydrogen if the Aimei Health shareholder approval is not obtained
at its shareholder meeting; (vi) by Aimei Health if the United Hydrogen shareholder approval is not obtained within ten (10) business
days after the Registration Statement becomes effective; or (vii) by Aimei Health, if the Reorganization (as defined in the Merger Agreement)
is not completed by December 31, 2024. The Merger Agreement and related agreements are further described in our Current Report on Form
8-K filed with the SEC on June 20, 2024.
Results
of Operations
We
have neither engaged in any operations nor generated any revenue to date. Our only activities from inception to June 30, 2024 were organizational
activities, those necessary to prepare for and conduct the IPO, and those required to identify and evaluate a target company for a business
combination. We will not generate any operating revenue until after the completion of our initial business combination, at the earliest.
We have generated and will continue to generate non-operating income in the form of interest income on cash in bank and investments held
in a trust account established for the benefit of our public shareholders (the “Trust Account”), from the proceeds derived
from the IPO. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses.
For
the six months ended June 30, 2024, we had a net income of $1,364,592, which consisted of dividend income earned on investments held
in the Trust Account of $1,827,338 offset by formation and operational costs of $462,746.
For
the three months ended June 30, 2024, we had a net income of $609,092, which consisted of dividend income earned on investments held
in the Trust Account of $918,206 offset by formation and operational costs of $309,114.
For
the period from April 27, 2023 (inception) to June 30, 2024, we had a net loss of $3,618, which consisted of formation and operational
costs of $3,618.
Liquidity
and Capital Resources
As
of June 30, 2024, we had $157,505 in our operating bank account, $71,717,186 in our Trust Account, and working capital of approximately
$93,130.
Our
liquidity needs prior to the consummation of the IPO were satisfied through the payment of $25,000 from the Sponsor to cover certain
offering costs on our behalf in exchange for issuance of founder shares, and the borrowing of approximately $210,151 from the Sponsor
under an unsecured promissory note (see “Note 5—Related Party Transactions” in the notes to our unaudited financial
statements). We have repaid the unsecured promissory note in full on December 7, 2023. Subsequent to the consummation of the IPO, our
liquidity has been satisfied through the net proceeds from the consummation of the IPO and the Private Placement (as defined below) held
outside of the Trust Account. In addition, in order to finance transaction costs in connection with a business combination, the Sponsor
or an affiliate of the Sponsor, or certain of our officers and directors, may, but are not obligated to, provide the Company Working
Capital Loans (as defined in “Note 5—Related Party Transactions” in the notes to our unaudited financial statements).
As of June 30, 2024, there were no amounts outstanding under the Working Capital Loans.
Based
on the foregoing, management believes that we will have sufficient working capital and borrowing capacity to meet our anticipated cash
needs prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete our business
combination or because we become obligated to redeem a significant number of our public shares upon completion of our business combination,
in which case we may issue additional securities or incur debt in connection with such business combination. However, we cannot provide
any assurance that new financing will be available. Over the time period prior to our initial business combination, we will be using
the funds held outside of the Trust Account for paying existing accounts payable, identifying and evaluating prospective initial business
combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target
business to merge with or acquire, and structuring, negotiating and consummating the business combination.
Going
Concern Consideration
In
connection with our assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15,
“Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if we are unsuccessful in consummating an initial business combination within the prescribed period of time from the closing of
our IPO, the requirement that we cease all operations, redeem the public shares, and thereafter liquidate and dissolve, raises substantial
doubt about the ability to continue as a going concern. The financial statements do not include any adjustments that might result from
the outcome of this uncertainty. The accompanying unaudited financial statements have been prepared in conformity with generally accepted
accounting principles in the United States of America, which contemplate the continuation of our Company as a going concern.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets, or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2024. We do not
participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable
interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered
into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other
entities, or purchased any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities. The underwriter is
entitled to a deferred fee of one percent (1.0%) of the gross proceeds of the IPO upon closing of a business combination, or $690,000.
The deferred fee will be paid in cash upon the closing of the business combination from the amounts held in the Trust Account (as defined
below), subject to the terms of the underwriting agreement.
Critical
Accounting Policies
The
preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure
of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual
results could materially differ from those estimates. As of June 30, 2024, there were no critical accounting policies or estimates.
Recent
Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on our audited financial statements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
a smaller reporting company, we are not required to provide this information.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under Exchange Act, such as this Quarterly Report, is recorded, processed, summarized, and reported within the time period specified
in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated
and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely
decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and
chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of June
30, 2024, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of
June 30, 2024, our disclosure controls and procedures were not effective.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Changes
in Internal Control Over Financial Reporting
No
changes occurred in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
AIMEI
HEALTH TECHNOLOGY CO., LTD
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, we are not required to provide the information
required by this item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
The
following “Use of Proceeds” information relates to the registration statement on Form S-1 (File Number 333-272230), as amended
(the “Registration Statement”) for our IPO, which was declared effective by the SEC on November 30, 2023. On December 6,
2023, we consummated our IPO of 6,000,000 units (the “Units”). Each Unit consists of one ordinary share, $0.0001 par value
(“Ordinary Share”), and one right (“Right”) to receive one-fifth (1/5) of one Ordinary Share upon the consummation
of an initial business combination. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $60,000,000.
Pursuant to that certain underwriting agreement, dated December 1, 2023, we granted Spartan Capital Securities, LLC, the representative
of the underwriters, a 45-day option to purchase up to an additional 900,000 Units solely to cover over-allotments, if any (the “Over-Allotment
Option”). Simultaneously with the consummation of the IPO, the underwriters exercised the Over-Allotment Option in full, generating
total proceeds of $9,000,000.
Simultaneously
with the closing of the IPO on December 6, 2023, we consummated the private placement (“Private Placement”) with Aimei Investment
Ltd. of 332,000 units (the “Private Units”), generating total proceeds of $3,320,000. The Private Units are identical to
the Units sold as part of the public Units in this offering. Additionally, Aimei Investment Ltd. agreed not to transfer, assign, or sell
any of the Private Units or underlying securities (except in limited circumstances, as described in the Registration Statement) until
the completion of our initial business combination. Aimei Investment Ltd. was granted certain demand and piggyback registration rights
in connection with the purchase of the Private Units.
On
December 6, 2023, a total of $69,690,000 of the net proceeds from the sale of Units in the IPO and the Private Placement, were
placed in the Trust Account, located in the U.S. and held as cash items or may be invested in U.S. government securities, within the
meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in any open-ended
investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act,
as determined by us, until the earlier of: (i) the consummation of a business combination or (ii) the distribution of the funds in
the Trust Account to our shareholders.
We
paid a total of $1,380,000 in underwriting discounts (excluding deferred underwriting discount of $690,000) and $550,000 for other costs
and expenses related to the IPO.
Additionally,
the underwriters are entitled to $690,000, equal to 1.0% of the gross proceeds of this offering, payable to the underwriters as deferred
underwriting discounts at the closing of our initial business combination from the funds to be placed in the Trust Account. Such funds
will be released to the underwriters only upon consummation of an initial business combination, as described in the Registration Statement.
If the business combination is not consummated, such deferred discounts will be forfeited by the underwriters. The underwriters will
not be entitled to any interest accrued on the deferred underwriting discount.
Item
3. Defaults Upon Senior Securities
Not
applicable.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None
Item
6. Exhibits
The
exhibits listed below are filed as part of this Quarterly Report on Form 10-Q.
Exhibit
No. |
|
Description |
2.1* |
|
Business Combination Agreement dated June 19, 2024 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Registrant on June 20, 2024) |
3.1 |
|
Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed by the Registrant on December 6, 2023) |
4.1 |
|
Specimen Unit Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1/A filed by the Registrant on July 24, 2023) |
4.2 |
|
Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-1/A filed by the Registrant on July 24, 2023) |
4.3 |
|
Specimen Rights Certificate (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-1/A filed by the Registrant on July 24, 2023) |
4.4 |
|
Rights Agreement, dated December 1, 2023, by and between Continental Stock Transfer & Trust Company and the Company (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Registrant on December 6, 2023) |
10.1 |
|
Form of Seller Shareholder Support Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on June 20, 2024) |
10.2 |
|
Form of Founder Support Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on June 20, 2024) |
10.3 |
|
Form of Seller Lock-Up Agreement (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by the Registrant on June 20, 2024) |
31.1 |
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2 |
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* |
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32.2* |
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS |
|
Inline
XBRL Instance Document. |
101.SCH |
|
Inline
XBRL Taxonomy Extension Schema Document. |
101.CAL |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB |
|
Inline
XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* |
The
exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Company agrees to
furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
** |
In
accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1
and 32.2 herewith are deemed to accompany this Form 10-Q and will not be deemed filed for purposes of Section 18 of the Exchange
Act. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act or the Exchange
Act. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
August 9, 2024
|
Aimei
Health Technology Co., Ltd |
|
|
|
|
By: |
/s/
Junheng Xie |
|
Name: |
Junheng
Xie |
|
Title: |
Chief
Executive Officer and Director |
|
|
(Principal
Executive Officer) |
|
By: |
/s/
Heung Ming Wong |
|
Name: |
Heung
Ming Wong |
|
Title: |
Chief
Financial Officer and Director |
|
|
(Principal
Accounting and Financial Officer) |
Exhibit
31.1
CERTIFICATION
OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Junheng Xie, certify that:
1.
I have reviewed this report on Form 10-Q of Aimei Health Technology Co., Ltd;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August 9, 2024
/s/
Junheng Xie |
|
Junheng
Xie |
|
Chief
Executive Officer and Director
(Principal
Executive Officer) |
|
Exhibit
31.2
CERTIFICATION
OF THE CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Heung Ming Wong, certify that:
1.
I have reviewed this report on Form 10-Q of Aimei Health Technology Co., Ltd;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent function):
a)
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August 9, 2024
/s/
Heung Ming Wong |
|
Heung
Ming Wong |
|
Chief
Financial Officer and Director
(Principal
Accounting and Financial Officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
The
undersigned hereby certifies, in his capacity as an officer of Aimei Health Technology Co., Ltd (the “Company”), for the
purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:
(1)
The Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2024 (the “Report”) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 9, 2024
/s/
Junheng Xie |
|
Junheng
Xie |
|
Chief
Executive Officer and Director
(Principal
Executive Officer) |
|
The
foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b)
of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
The
undersigned hereby certifies, in his capacity as an officer of Aimei Health Technology Co., Ltd (the “Company”), for the
purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:
(1)
The Quarterly Report of the Company on Form 10-Q for the period ended June 30, 2024 (the “Report”) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 9, 2024
/s/
Heung Ming Wong |
|
Heung
Ming Wong |
|
Chief
Financial Officer and Director
(Principal
Accounting and Financial Officer) |
|
The
foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b)
of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.
v3.24.2.u1
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 08, 2024 |
Document Type |
10-Q
|
|
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false
|
|
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true
|
|
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|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41880
|
|
Entity Registrant Name |
AIMEI
HEALTH TECHNOLOGY CO., LTD
|
|
Entity Central Index Key |
0001979005
|
|
Entity Tax Identification Number |
00-0000000
|
|
Entity Incorporation, State or Country Code |
E9
|
|
Entity Address, Address Line One |
10
East 53rd Street
|
|
Entity Address, Address Line Two |
Suite 3001
|
|
Entity Address, City or Town |
New
York
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10022
|
|
City Area Code |
+34
|
|
Local Phone Number |
678 035200
|
|
Entity Current Reporting Status |
Yes
|
|
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Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
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true
|
|
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true
|
|
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|
|
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|
|
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|
9,026,000
|
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|
|
Title of 12(b) Security |
Ordinary
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|
|
Trading Symbol |
AFJK
|
|
Security Exchange Name |
NASDAQ
|
|
Rights, exchangeable into one-fifth of one Ordinary Share |
|
|
Title of 12(b) Security |
Rights,
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|
|
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AFJKR
|
|
Security Exchange Name |
NASDAQ
|
|
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|
|
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|
|
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|
|
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NASDAQ
|
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v3.24.2.u1
Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
ASSETS |
|
|
Cash |
$ 157,505
|
$ 580,717
|
Prepaid expenses |
46,840
|
|
Total current assets |
204,345
|
580,717
|
Cash and marketable securities held in Trust Account |
71,717,186
|
69,889,848
|
TOTAL ASSETS |
71,921,531
|
70,470,565
|
Current liabilities: |
|
|
Accrued expenses |
59,412
|
24,841
|
Due to a related company |
51,803
|
|
Total current liabilities |
111,215
|
24,841
|
Deferred underwriting compensation |
690,000
|
690,000
|
TOTAL LIABILITIES |
801,215
|
714,841
|
Commitments and contingencies |
|
|
Ordinary shares, subject to possible redemption. 6,900,000 and 6,900,000 shares issued and outstanding at redemption value of $10.39 and $10.13 as of June 30, 2024 and December 31, 2023, respectively |
71,717,186
|
69,889,848
|
Shareholders’ deficit: |
|
|
Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,126,000 and 2,126,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (excluding 6,900,000 and 6,900,000 shares subject to possible redemption, respectively) |
213
|
213
|
Accumulated deficit |
(597,083)
|
(134,337)
|
Total Shareholders’ Deficit |
(596,870)
|
(134,124)
|
TOTAL LIABILITIES, TEMPORARY EQUITY AND SHAREHOLDERS’ DEFICIT |
$ 71,921,531
|
$ 70,470,565
|
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v3.24.2.u1
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Temporary equity, shares issued |
6,900,000
|
6,900,000
|
Temporary equity, shares outstanding |
6,900,000
|
6,900,000
|
Temporary equity, redemption value |
$ 10.39
|
$ 10.13
|
Ordinary shares, par value |
$ 0.0001
|
$ 0.0001
|
Ordinary shares, shares authorized |
500,000,000
|
500,000,000
|
Ordinary shares, shares issued |
2,126,000
|
2,126,000
|
Ordinary shares, shares outstanding |
2,126,000
|
2,126,000
|
Ordinary shares subject to possible redemption |
6,900,000
|
6,900,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Statements of Operations (Unaudited) - USD ($)
|
2 Months Ended |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2024 |
Formation and operating costs |
|
$ (3,618)
|
$ (309,114)
|
$ (462,746)
|
Other income: |
|
|
|
|
Interest earned on investments held in trust |
|
|
918,206
|
1,827,338
|
Total other income |
|
|
918,206
|
1,827,338
|
NET INCOME (LOSS) |
|
$ (3,618)
|
$ 609,092
|
$ 1,364,592
|
Redeemable [Member] |
|
|
|
|
Other income: |
|
|
|
|
Basic weighted average shares outstanding, ordinary shares |
|
|
6,900,000
|
6,900,000
|
Diluted weighted average shares outstanding, ordinary shares |
|
|
6,900,000
|
6,900,000
|
Basic net income per share, ordinary shares |
|
|
$ 0.07
|
$ 0.15
|
Diluted net income per share, ordinary shares |
|
|
$ 0.07
|
$ 0.15
|
Non Redeemable [Member] |
|
|
|
|
Other income: |
|
|
|
|
Basic weighted average shares outstanding, ordinary shares |
[1] |
1,250,000
|
2,126,000
|
2,126,000
|
Diluted weighted average shares outstanding, ordinary shares |
[1] |
1,250,000
|
2,126,000
|
2,126,000
|
Basic net income per share, ordinary shares |
|
$ (0.00)
|
$ 0.07
|
$ 0.15
|
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|
$ (0.00)
|
$ 0.07
|
$ 0.15
|
|
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Subscription Receivable [Member] |
Total |
Balance at Apr. 26, 2023 |
|
|
|
|
|
|
Balance, shares at Apr. 26, 2023 |
|
|
|
|
|
|
Net Income (loss) |
|
|
|
(3,618)
|
|
(3,618)
|
Issuance of Founder Shares to Sponsor for subscription receivable |
[1] |
$ 144
|
24,856
|
|
(25,000)
|
|
Issuance of Founder Shares to Sponsor for subscription receivable, shares |
[1] |
1,437,500
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 144
|
24,856
|
(3,618)
|
(25,000)
|
(3,618)
|
Balance, shares at Jun. 30, 2023 |
|
1,437,500
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 213
|
|
(134,337)
|
|
(134,124)
|
Balance, shares at Dec. 31, 2023 |
|
2,126,000
|
|
|
|
|
Remeasurement of ordinary shares subject to possible redemption |
|
|
|
(909,132)
|
|
(909,132)
|
Net Income (loss) |
|
|
|
755,500
|
|
755,500
|
Balance at Mar. 31, 2024 |
|
$ 213
|
|
(287,969)
|
|
(287,756)
|
Balance, shares at Mar. 31, 2024 |
|
2,126,000
|
|
|
|
|
Balance at Dec. 31, 2023 |
|
$ 213
|
|
(134,337)
|
|
(134,124)
|
Balance, shares at Dec. 31, 2023 |
|
2,126,000
|
|
|
|
|
Net Income (loss) |
|
|
|
|
|
1,364,592
|
Balance at Jun. 30, 2024 |
|
$ 213
|
|
(597,083)
|
|
(596,870)
|
Balance, shares at Jun. 30, 2024 |
|
2,126,000
|
|
|
|
|
Balance at Mar. 31, 2024 |
|
$ 213
|
|
(287,969)
|
|
(287,756)
|
Balance, shares at Mar. 31, 2024 |
|
2,126,000
|
|
|
|
|
Remeasurement of ordinary shares subject to possible redemption |
|
|
|
(918,206)
|
|
(918,206)
|
Net Income (loss) |
|
|
|
609,092
|
|
609,092
|
Balance at Jun. 30, 2024 |
|
$ 213
|
|
$ (597,083)
|
|
$ (596,870)
|
Balance, shares at Jun. 30, 2024 |
|
2,126,000
|
|
|
|
|
|
|
X |
- DefinitionRe-measurement of carrying value to redemption value.
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v3.24.2.u1
Statements of Cash Flows (Unaudited) - USD ($)
|
2 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2024 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (3,618)
|
$ 1,364,592
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
Interest earned in on investments held in trust |
|
(1,827,338)
|
Change in operating assets and liabilities: |
|
|
Formation casts paid by Sponsor under Promissory Note – Related Party |
3,618
|
|
Prepaid expenses |
|
(46,840)
|
Due to a related company |
|
51,803
|
Accrued expenses |
|
34,571
|
Net cash used in operating activities |
|
(423,212)
|
NET CHANGE IN CASH |
|
(423,212)
|
CASH, BEGINNING OF PERIOD |
|
580,717
|
CASH, END OF PERIOD |
|
157,505
|
Non-cash investing and financing activities |
|
|
Remeasurement of ordianry shares subject to possible redemption |
|
1,827,338
|
Deferred offering costs included in promissory note |
210,151
|
|
Issuance of Founder Shares to Sponsor for subscription receivable |
$ 25,000
|
|
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v3.24.2.u1
ORGANIZATION AND BUSINESS BACKGROUND
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BUSINESS BACKGROUND |
NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND
Aimei
Health Technology Co., Ltd. (the “Company”) is a blank check company incorporated in the Cayman Islands on .
The Company was formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with one or more businesses or entities. Although
there is no restriction or limitation on what industry its target operates in, it is the Company’s intention to pursue prospective
targets that are focused on healthcare innovation. The Company anticipates targeting what are traditionally known as “small cap”
companies domiciled in North America, Europe and/or the Asia Pacific regions that are developing assets in the biopharmaceutical, medical
technology/medical device and diagnostics space which aligns with its management team’s experience in operating health care companies
and in drug and device technology development as well as diagnostic and other services.
As
of June 30, 2024, the Company had not yet commenced any operations. All activities through June 30, 2024 related to the Company’s
formation and the Initial Public Offering (as defined below). Since the Initial Public Offering, the Company’s activity has been
limited to the evaluation of business combination candidates. The Company will not generate any operating revenue until after the completion
of its initial business combination, at the earliest. The Company will generate non-operating income in the form of interest income on
cash in bank and investments held in the Trust Account (as defined below) from the proceeds derived from the Initial Public Offering.
The Company has selected December 31 as its fiscal year end. The Company is an early stage and emerging growth company and, as such,
the Company is subject to all of the risks associated with early stage and emerging growth companies.
The
Company’s sponsor is Aimei Investment Ltd, a Cayman Islands exempted company (the “Sponsor”). The registration statement
for the Company’s Initial Public Offering was declared effective on November 30, 2023. On December 6, 2023, the Company consummated
its Initial Public Offering of 6,900,000 units (the “Units” and, with respect to the ordinary shares included in the Units
being offered, the “Public Shares”), at $10.00 per Unit, which includes full exercise of the underwriters’ over-allotment
option of 900,000 Units, generating gross proceeds of $69,000,000 (the “Initial Public Offering”), and incurring offering
costs of $2,070,665 and $690,000 for deferred underwriting commissions (see Note 7). The Company granted the underwriters a 45-day option
to purchase up to an additional 900,000 Units at the Initial Public Offering price to cover over-allotments, if any. On December 6, 2023,
the over-allotment option was exercised in full.
Simultaneously
with the consummation of the closing of the Offering, the Company consummated the private placement of an aggregate of 332,000 units
(the “Private Units”) to the Sponsor at a price of $10.00 per Unit, generating total gross proceeds of $3,320,000 (the “Private
Placement”). (see Note 4).
Following
the closing of the Initial Public Offering on December 6, 2023, an amount of $69,690,000 ($10.10 per Unit) from the net proceeds of the
sale of the Units in the Initial Public Offering and a portion of the proceeds from the sale of the Private Units was placed in a trust
account (the “Trust Account”), located in the United States and held as cash items or may be invested only in U.S. government
treasury bills, notes and bonds with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7
under the Investment Company Act and which invest solely in U.S. Treasuries, as determined by the Company, until the earlier of: (i)
the consummation of a business combination, or (ii) the distribution of the funds in the Trust Account to the Company’s shareholders,
as described below.
The
Company will provide its public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the
completion of its initial business combination either (i) in connection with a shareholder meeting called to approve the initial
business combination or (ii) by means of a tender offer. In connection with a proposed business combination, the Company may seek
shareholder approval of a business combination at a meeting called for such purpose at which shareholders may seek to redeem their
shares, regardless of how they vote for the business combination. If a vote is held to approve such an initial business combination,
the Company will consummate such initial business combination only if the Company has the affirmative vote of a majority of the
shareholders who attend and vote at a general meeting of the Company.
The
shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially
$10.10 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations). The per-share amount to be distributed to shareholders who redeem their Public Shares will not be reduced
by the deferred underwriting commissions the Company will pay to the underwriter. There will be no redemption rights upon the completion
of a business combination with respect to the Company’s rights.
If
a shareholder vote is not required and the Company does not decide to hold a shareholder vote for business or other reasons, the Company
will, pursuant to its amended and restated memorandum and articles of association, conduct the redemptions pursuant to Rule 13e-4 and
Regulation 14E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which regulate issuer tender offers,
and file tender offer documents with the U.S. Securities and Exchange Commission (the “SEC”) prior to completing its initial
business combination which contain substantially the same financial and other information about the initial business combination as is
required under the SEC’s proxy rules.
The
Sponsor has agreed (i) to vote any shares owned by them in favor of any proposed business combination, (ii) not to redeem any shares
in connection with a shareholder vote to approve a proposed initial business combination or any amendment to the Company’s charter
prior to the consummation of its initial business combination and (iii) not to sell any shares to us in a tender offer in connection
with any proposed business combination. However, the Sponsor will be entitled to liquidating distributions from the Trust Account with
respect to any Public Shares purchased during or after the Initial Public Offering if the Company fails to complete its business combination.
The
Company will have until 12 months from the closing of the Initial Public Offering (or up to 24 months from the closing of the Initial
Public Offering if the Company extends the period of time to consummate a business combination by up to 12 additional months through
12 one-month extensions of time, as further provided in the Company’s amended and restated memorandum and articles of association)
to consummate a business combination (the “Combination Period”). If the Company is unable to complete a business combination
within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than five business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely
extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s
remaining holders of ordinary shares and its board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution
of the Company, subject (in the case of (ii) and (iii) above) to its obligations to provide for claims of creditors and the requirements
of applicable law.
The
underwriters have agreed to waive their rights to the deferred underwriting commission held in the Trust Account in the event the
Company does not complete a business combination within the Combination Period and, in such event, such amounts will be included
with the funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such
distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the
offering price per Unit ($10.00).
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $10.10 per share (whether or not the underwriters’ over-allotment option is exercised
in full), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and
except as to any claims under its indemnity of the underwriters of the Initial Public Offering against certain liabilities, including
liabilities under the Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor
will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether
the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities
of the Company. The Company has not asked the Sponsor to reserve for such obligations and therefore believe the Sponsor will be unlikely
to satisfy its indemnification obligations if it is required to do so. However, the Company believes the likelihood of the Sponsor having
to indemnify the Trust Account is limited because the Company will endeavor to have all vendors and prospective target businesses as
well as other entities execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held
in the Trust Account.
On
June 19, 2024, the Company entered into a definitive Business Combination Agreement (the “Merger Agreement”) for a
business combination with (i) United Hydrogen Group Inc., an exempted company incorporated with limited liability in the Cayman
Islands (“United Hydrogen”), (ii) United Hydrogen Global Inc., an exempted company incorporated with limited liability
in the Cayman Islands (“Pubco”), (iii) United Hydrogen Victor Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (“First Merger Sub”); (iv) United Hydrogen
Worldwide Limited, an exempted company incorporated with limited liability in the Cayman Islands and a wholly-owned subsidiary of
Pubco (“Second Merger Sub” and, together with Pubco and First Merger Sub, each, individually, an “Acquisition
Entity” and, collectively, the “Acquisition Entities”); and (v) Aimei Investment Ltd., a Cayman Islands exempted
company, in the capacity as, from and after the closing of the transactions contemplated by the Merger Agreement (the
“Closing”), the representative for the Company and its shareholders (the “Sponsor”).
Pursuant
to the Merger Agreement, subject to the terms and conditions set forth therein, (i) First Merger Sub will merge with and into the United
Hydrogen (the “First Merger”), whereby the separate existence of First Merger Sub will cease, and United Hydrogen will be
the surviving corporation of the First Merger and become a wholly-owned subsidiary of Pubco; and (ii) following confirmation of the effective
filing of the First Merger, and as part of the same overall transaction as the First Merger, Second Merger Sub will merge with and into
the Company (the “Second Merger”, and together with the First Merger, the “Mergers”), whereby the separate existence
of Second Merger Sub will cease, and the Company will be the surviving corporation of the Second Merger as a wholly-owned subsidiary
of Pubco.
Liquidity
and Capital Resources
As
of June 30, 2024, the Company had $157,505 in its operating bank account, $71,717,186 in its Trust Account and working capital of $93,130.
The
Company’s liquidity needs prior to the consummation of the Initial Public Offering were satisfied through (i) the payment of $
from the Sponsor to cover certain offering costs on the Company’s behalf in exchange for issuance of Founder Shares (see Note 5),
and (ii) a loan from the Sponsor of approximately $ under the Note (as defined in Note 5). The Company has repaid the note in
full on December 7, 2023. Subsequent to the consummation of the Initial Public Offering, the Company’s liquidity has been satisfied
through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the Trust Account.
In addition, in order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor,
or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (as
defined in Note 5). As of June 30, 2024, there were no amounts outstanding under any Working Capital Loan.
Over
the period of time to complete a business combination, the Company will be using the funds held outside of the Trust Account for
paying existing accounts payable, identifying and evaluating prospective initial business combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire,
and structuring, negotiating and consummating the business combination.
Going
Concern Consideration
In
connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”)
2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined
that if the Company is unsuccessful in consummating an initial business combination within the prescribed period of time from the closing
of the Initial Public Offering, the requirement that the Company cease all operations, redeem the Public Shares and thereafter liquidate
and dissolve raises substantial doubt about the ability to continue as a going concern. The unaudited financial statements do not include
any adjustments that might result from the outcome of this uncertainty. The accompanying unaudited financial statements have been prepared
in conformity with generally accepted accounting principles in the U.S. (“U.S. GAAP”), which contemplate continuation of
the Company as a going concern.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent
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v3.24.2.u1
SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SIGNIFICANT ACCOUNTING POLICIES
● Basis of presentation
These
accompanying unaudited financial statements have been prepared in accordance with U.S. GAAP for interim financial statements and Article
8 of Regulation S-X. They do not include all of the information and notes required by U.S. GAAP for complete financial statements. The
unaudited financial statements as of June 30, 2024 should be read in conjunction with the Company’s financial statements and notes
thereto for the period from inception through December 31, 2023, included in the Company’s Annual Report on Form 10K. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted,
pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information
and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management,
the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for
the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024
or for any future periods.
● Emerging growth company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited financial
statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
● Use of estimates
The
preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed as of the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from those estimates.
● Cash and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the
cash balance was $157,505 and $580,717, respectively.
● Cash and investment held in trust account
As
of June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the unaudited balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change
in fair value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
unaudited statement of operations. The estimated fair value of investments held in Trust Account are determined using available market
information. As of June 30, 2024 and December 31, 2023, the estimated fair value of investments held in Trust Account was $71,717,186
and $69,889,848, respectively.
● Ordinary shares subject to possible redemption
All
of the 6,900,000 ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for
the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate
of incorporation. In accordance with Accounting Standards Codification (“ASC”) 480, conditionally redeemable ordinary shares
(including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon
the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation
events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions
of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will
not redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001.
However, the threshold in its charter would not change the nature of the underlying shares as redeemable and thus Public Shares would
be required to be disclosed outside of permanent equity. Accordingly, as of June 30, 2024 and December 31, 2023, 6,900,000 and 6,900,000
ordinary shares subject to possible redemption at the redemption amount, respectively, were presented at redemption value as temporary equity, outside
of the shareholders’ deficit section of the Company’s unaudited balance sheets.
● Income taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts were accrued for interest
and penalties during the three and six months ended June 30, 2024 and 2023. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there was no provision
for income taxes for the three and six months ended June 30, 2024.
● Net income (loss) per share
Net
income (loss) per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period.
The calculation of diluted loss per share does not consider the effect of the rights issued in connection with the Initial Public Offering
and rights issued as components of the Private Units (the “Private Rights”) since the issuance of shares underlying the rights
is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods.
The
following table reflects the calculation of basic and diluted net income (loss) per ordinary share:
SCHEDULE
OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
| |
For the six months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 1,364,592 | | |
$ | (3,618 | ) |
| |
For the three months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 609,092 | | |
$ | (3,618 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Six Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 1,043,174 | | |
$ | 321,418 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.15 | | |
$ | 0.15 | | |
$ | - | | |
$ | (0.00 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Three Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 465,625 | | |
$ | 143,467 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.07 | | |
$ | 0.07 | | |
$ | - | | |
$ | (0.00 | ) |
● Concentration of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As
of June 30, 2024 and December 31, 2023, $0 and $330,717 was not insured, respectively.
● Fair value of financial instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
Level
1 — defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
Level
2 — defined as inputs other than quoted prices in active markets that are either
directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or
similar instruments in markets that are not active; and
Level
3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers
are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
SCHEDULE
OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES
| |
June 30, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 71,717,186 | | |
$ | 71,717,186 | | |
$ | - | | |
$ | - | |
| |
December 31, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 69,889,848 | | |
$ | 69,889,848 | | |
$ | - | | |
$ | - | |
● Related parties
Parties,
which can be a corporation or individual, are considered to be related if either the Company or the other party has the ability, directly
or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational
decisions. Companies are also considered to be related if they are subject to common control or significant influence.
● Recent issued accounting standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s unaudited financial statements.
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v3.24.2.u1
INITIAL PUBLIC OFFERING
|
6 Months Ended |
Jun. 30, 2024 |
Initial Public Offering |
|
INITIAL PUBLIC OFFERING |
NOTE
3 – INITIAL PUBLIC OFFERING
On
December 6, 2023, the Company consummated its Initial Public Offering of 6,900,000
Units (including the issuance of 900,000
Units as a result of the underwriter’s full exercise of its over-allotment option), at $10.00
per Unit, generating gross proceeds of $69,000,000.
Each Unit consists of one ordinary share and one right (“Public Right”). Each Public Right entitles the holder to receive
one-fifth (1/5) of one ordinary share upon consummation of the Company’s initial business combination, so the holder must
hold rights in multiples of 5 in order to receive shares for all of the rights upon closing of a business combination.
As
of December 31, 2023, the Company incurred offering costs of approximately $2,070,665 and $690,000 for deferred underwriting commissions.
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v3.24.2.u1
PRIVATE PLACEMENT
|
6 Months Ended |
Jun. 30, 2024 |
Private Placement |
|
PRIVATE PLACEMENT |
NOTE
4 – PRIVATE PLACEMENT
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 332,000 Private Units at a price of $10.00 per
Private Unit ($3,320,000 in the aggregate).
The
proceeds from the sale of the Private Units will be added to the net proceeds from the Offering held in the Trust Account. The Private
Units are identical to the Units sold in the Initial Public Offering except that Private Units (including the Private Rights) will not
be transferable, assignable or salable until the completion of the Company’s initial business combination except to permitted transferees.
If the Company does not complete a business combination within the Combination Period, the proceeds from the sale of the Private Units
will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Rights will
expire worthless.
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v3.24.2.u1
RELATED PARTY TRANSACTIONS
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
5 – RELATED PARTY TRANSACTIONS
Founder
Shares
Prior
to the Initial Public Offering, the Company issued an aggregate of 50,000 ordinary shares of $1.00 par value each to Han Huang. On May
11, 2023, Han Huang transferred those ordinary shares to the Sponsor and on May 15, 2023, the Sponsor resolved to sub-divide the ordinary
shares of $1.00 par value each into ordinary shares of $0.0001 par value each and as such the Sponsor held 500,000,000 ordinary shares
of $0.0001 each. On May 15, 2023, the directors resolved to repurchase 498,562,500 ordinary shares from the Sponsor, the repurchase resulting
in the Sponsor holding ordinary shares. On May 25, 2023, founder shares were issued to the Sponsor (up to
of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised) pursuant
to a securities subscription agreement and the ordinary shares previously held by the Sponsor were repurchased by the company,
the shares have been retroactively adjusted. On October 20, 2023, the Company capitalized an amount equal to $ standing to the credit
of the share premium account and appropriated such sum and applied it on behalf of the Sponsor towards paying up in full (as to the full
par value of $ per founder share) unissued ordinary shares of $ par value and allotted such shares credited as fully
paid to the Sponsor, resulting in 1,725,000 ordinary shares being issued and outstanding. shares of such ordinary shares are
not subject to forfeiture as the underwriters’ over-allotment was exercised in full. The initial shareholders will collectively
own approximately 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the initial shareholders
do not purchase any Public Shares in the Initial Public Offering and excluding the Private Units and underlying securities).
Subject
to certain limited exceptions, the initial shareholders have agreed not to transfer, assign or sell their founder shares until six months
after the date of the consummation of the Company’s initial business combination or earlier if, subsequent to initial business combination, the Company consummate a subsequent liquidation, merger, share exchange or other similar transaction which results in all
of the shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Promissory
Note – Related Party
On
May 1, 2023, the Sponsor issued an unsecured promissory note (the “Note”) to the Company, pursuant to which the Company may
borrow up to an aggregate principal amount of $750,000, to be used for payment of costs related to the Initial Public Offering. The Note
is non-interest bearing and payable on the earlier of (i) December 31, 2023, (ii) the consummation of the Initial Public Offering, or
(iii) the date on which the Company determines to not proceed with the Initial Public Offering. These amounts were repaid upon completion
of the Initial Public Offering out of the $550,000 of Initial Public Offering proceeds that has been allocated for the payment of Initial
Public Offering expenses. As of December 6, 2023, the Company has borrowed $210,151 under the Note. The Note was fully repaid on December
7, 2023. There was no outstanding balance due as of June 30, 2024 and December 31, 2023.
Related
Party Loans
In
order to finance transaction costs in connection with a business combination, the Company’s Sponsor or an affiliate of the
Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required
(“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be
repaid upon consummation of a business combination, without interest, or, at the lender’s discretion, up to $ of
notes may be converted upon consummation of a business combination into additional Private Units at a price of $ per
Unit. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust
Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital
Loans. As of June 30, 2024 and December 31, 2023, there was no amount outstanding under any Working Capital Loan.
Due
to a related party
As
of June 30, 2024 and December 31, 2023, the Company had a total amount due to related party of $51,803 and $0 from a related party, respectively, for
the payment of costs related to general and administrative services, the Initial Public Offering and administrative services agreement.
The balance is unsecured, interest-free and has no fixed terms of repayment.
Administrative
Services Arrangement
An
affiliate of the Sponsor has agreed, commencing from the date that the Company’s securities are first listed on Nasdaq,
through the earlier of the Company’s consummation of a business combination and its liquidation, to make available to the
Company certain general and administrative services, including office space, utilities and administrative services, as the Company
may require from time to time. The Company has agreed to pay to the affiliate of the Sponsor, $10,000
per month, for up to 12 months, subject to extension to up to 24 months, as provided in the Company’s registration statement,
for such administrative services. As of June 30, 2024 and December 31, 2023, the unpaid balance was $60,000
and $0,
respectively, which is included in amount due to related party balance.
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v3.24.2.u1
SHAREHOLDERS’ DEFICIT
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ DEFICIT |
NOTE
6 – SHAREHOLDERS’ DEFICIT
Ordinary
Shares
The
Company is authorized to issue 500,000,000 ordinary shares with a par value of $0.0001 per share. Holders of the Company’s ordinary
shares are entitled to one vote for each share. On May 1, 2023, The Company entered into a subscription agreement for founder shares
with the Sponsor which is recorded as subscription receivable. The subscription agreement was amended and restated on May 24, 2023. Prior
to the Initial Public Offering, the Company issued an aggregate of 50,000 ordinary shares of $1.00 par value each to Han Huang. On May
11, 2023, Han Huang transferred those ordinary shares to the Sponsor and on May 15, 2023, the Sponsor resolved to sub-divide the ordinary
shares of $1.00 par value each into ordinary shares of $0.0001 par value each and as such the Sponsor held 500,000,000 ordinary shares
of $0.0001 each. On May 15, 2023, the directors resolved to repurchase 498,562,500 ordinary shares from the Sponsor, the repurchase resulting
in the Sponsor holding ordinary shares. On May 25, 2023, founder shares were issued to the Sponsor pursuant to a
securities subscription agreement for an aggregate purchase price of $ (up to 187,500 of which are subject to forfeiture depending
on the extent to which the underwriters’ over-allotment option is exercised) pursuant to a securities subscription agreement and
the ordinary shares previously held by the Sponsor were repurchased by the Company, the shares having been retroactively adjusted.
As of May 8, 2023, $25,000 was included as a subscription receivable. On September 15, 2023, the Company received $25,000 in cash. The
Sponsor transferred 152,000 of those ordinary shares among the Company’s Chief Executive Officer, Chief Financial Officer and three
independent director nominees at their original purchase price pursuant to executed securities assignment agreements, effective as of
May 25, 2023. On October 20, 2023, the Company capitalized an amount equal to $ standing to the credit of the share premium account
and appropriated such sum and applied it on behalf of the Sponsor towards paying up in full (as to the full par value of $ per
founder share) unissued ordinary shares of $ par value and allotted such shares credited as fully paid to the Sponsor,
resulting in ordinary shares being issued and outstanding. shares of such ordinary shares are not subject to forfeiture
as the underwriters’ over-allotment was exercised in full. The initial shareholders will collectively own approximately 20% of
the Company’s issued and outstanding shares after the Initial public Offering (assuming the initial shareholders do not purchase
any Public Shares in the Initial Public Offering and excluding the Private Units and underlying securities).
As
of June 30, 2024 and December 31, 2023, as a result of the closing of the Initial Public Offering and full exercise of the underwriters’
over-allotment option, there were 2,126,000 ordinary shares issued and outstanding, excluding 6,900,000 ordinary shares subject to possible
redemption.
Rights
Each
holder of a right will receive one-fifth (1/5) of one ordinary share upon consummation of a business combination, even if the holder
of such right redeemed all shares held by it in connection with a business combination. No fractional shares will be issued upon exchange
of the rights. No additional consideration will be required to be paid by a holder of rights in order to receive its additional shares
upon consummation of a business combination as the consideration related thereto has been included in the unit purchase price paid for
by investors in the Initial Public Offering. If the Company enters into a definitive agreement for a business combination in which the
Company will not be the surviving entity, the definitive agreement will provide for the holders of rights to receive the same per share
consideration the holders of the ordinary share will receive in the transaction on an as- converted into ordinary share basis and each
holder of a right will be required to affirmatively convert its rights in order to receive 1/5th of one share underlying each right (without
paying additional consideration). The shares issuable upon exchange of the rights will be freely tradable (except to the extent held
by affiliates of the Company).
Additionally,
in no event will the Company be required to net cash settle the rights. If the Company is unable to complete a business combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of rights will not receive any of such
funds with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with respect to such rights. Accordingly, the rights may expire worthless.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
7 – COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the insider shares, as well as the holders of the Private Units (and underlying securities) and any securities issued in payment
of Working Capital Loans made to the Company, will be entitled to registration rights pursuant to an agreement to be signed prior to
or on the effective date of the Initial Public Offering. The holders of a majority of these securities are entitled to make up to three
demands that the Company register such securities at any time after the Company consummates a business combination. In addition, the
holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation
of a business combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
The
initial shareholders and their permitted transferees can demand that the Company register the founder shares, the Private Units and the
underlying Private Shares, and the units issuable upon conversion of working capital loans and the underlying ordinary shares and rights,
pursuant to an agreement to be signed prior to or on the effective date requiring the Company to register such securities for resale.
The holders of such securities are entitled to demand that the Company register these securities at any time after consummation of an
initial business combination. Notwithstanding anything to the contrary, any holder that is affiliated with an underwriter participating
in the Initial Public Offering may only make a demand on one occasion and only during the five-year period beginning on the effective
date of the registration statement. In addition, the holders have certain “piggy-back” registration rights on registration
statements filed after the Company’s consummation of a business combination; provided that any holder that is affiliated with an
underwriter participating in the Initial Public Offering may participate in a “piggy-back” registration only during the seven-year
period beginning on the effective date of the registration statement.
Representative
Shares
The
Company issued 69,000 ordinary
shares to the representative (and/or its designees) (the “representative shares”) as part of representative compensation
as the underwriters exercised their over-allotment option in full. The representative shares have been deemed compensation by FINRA
and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales in the
Initial Public Offering pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the
subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the
securities by any person for a period of 180 days immediately following the date of the commencement of sales in the Initial Public
Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the
date of the commencement of sales in the Initial Public Offering except to any underwriter and selected dealer participating in the
offering and their officers, partners, registered persons or affiliates.
Underwriter
Agreement
The
underwriters purchased 900,000 additional Units to cover over-allotments.
The
underwriters were entitled to a cash underwriting discount of: (i) two percent (2.00%)
of the gross proceeds of the Initial Public Offering, or $1,380,000
as the underwriters’ over-allotment is exercised in full. In addition, the underwriters are entitled to a deferred fee of one
percent (1.0%)
of the gross proceeds of the Initial Public Offering, or $690,000
as the underwriters’ over-allotment is exercised in full upon closing of the business combination. The deferred fee will be
paid in cash upon the closing of a business combination from the amounts held in the Trust Account, subject to the terms of the
underwriting agreement. In addition, the Company has paid the representative of the underwriters, at the closing of the Initial
Public Offering, 1.00%
of the gross proceeds in the Company’s ordinary shares or 69,000
ordinary shares as the underwriters’ over-allotment is exercised in full.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public Offering and ending 12 months from the closing of a business combination, the
Company has granted Spartan Capital Securities, LLC, a right of first refusal to act as the sole investment banker, sole book running
manager and/or sole placement agent for any and all future private or public equity, equity-linked, convertible and debt offerings during
such period. In accordance with FINRA Rule 5110(g)(6)(A), such right of first refusal shall not have a duration of more than three years
from the commencement of sales in the Initial Public Offering.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
8 – SUBSEQUENT EVENTS
In
accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure
of events that occur after the balance sheet date, the Company has evaluated all events or transactions that occurred after the balance
sheet date. Other than as described in these unaudited financial statements, the Company did not identify any subsequent events that
would have required adjustment or disclosure in the unaudited financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of presentation |
● Basis of presentation
These
accompanying unaudited financial statements have been prepared in accordance with U.S. GAAP for interim financial statements and Article
8 of Regulation S-X. They do not include all of the information and notes required by U.S. GAAP for complete financial statements. The
unaudited financial statements as of June 30, 2024 should be read in conjunction with the Company’s financial statements and notes
thereto for the period from inception through December 31, 2023, included in the Company’s Annual Report on Form 10K. Certain information
or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted,
pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information
and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management,
the accompanying unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary
for a fair presentation of the financial position, operating results and cash flows for the periods presented. The interim results for
the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024
or for any future periods.
|
Emerging growth company |
● Emerging growth company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable.
The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has
different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised
standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited financial
statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out
of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
|
Use of estimates |
● Use of estimates
The
preparation of unaudited financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed as of the date of the financial statements, which management considered in
formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from those estimates.
|
Cash and cash equivalents |
● Cash and cash equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the
cash balance was $157,505 and $580,717, respectively.
|
Cash and investment held in trust account |
● Cash and investment held in trust account
As
of June 30, 2024 and December 31, 2023, substantially all of the assets held in the Trust Account were held in U.S. Treasury Securities
Money Market Funds. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities
are presented on the unaudited balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change
in fair value of investments held in Trust Account are included in investment income earned on investments held in Trust in the accompanying
unaudited statement of operations. The estimated fair value of investments held in Trust Account are determined using available market
information. As of June 30, 2024 and December 31, 2023, the estimated fair value of investments held in Trust Account was $71,717,186
and $69,889,848, respectively.
|
Ordinary shares subject to possible redemption |
● Ordinary shares subject to possible redemption
All
of the 6,900,000 ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for
the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate
of incorporation. In accordance with Accounting Standards Codification (“ASC”) 480, conditionally redeemable ordinary shares
(including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon
the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation
events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions
of ASC 480. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will
not redeem its Public Shares in an amount that would cause its net tangible assets (shareholders’ equity) to be less than $5,000,001.
However, the threshold in its charter would not change the nature of the underlying shares as redeemable and thus Public Shares would
be required to be disclosed outside of permanent equity. Accordingly, as of June 30, 2024 and December 31, 2023, 6,900,000 and 6,900,000
ordinary shares subject to possible redemption at the redemption amount, respectively, were presented at redemption value as temporary equity, outside
of the shareholders’ deficit section of the Company’s unaudited balance sheets.
|
Income taxes |
● Income taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s
major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 and no amounts were accrued for interest
and penalties during the three and six months ended June 30, 2024 and 2023. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, there was no provision
for income taxes for the three and six months ended June 30, 2024.
|
Net income (loss) per share |
● Net income (loss) per share
Net
income (loss) per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period.
The calculation of diluted loss per share does not consider the effect of the rights issued in connection with the Initial Public Offering
and rights issued as components of the Private Units (the “Private Rights”) since the issuance of shares underlying the rights
is contingent upon the occurrence of future events. As a result, diluted loss per share is the same as basic loss per share for the periods.
The
following table reflects the calculation of basic and diluted net income (loss) per ordinary share:
SCHEDULE
OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
| |
For the six months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 1,364,592 | | |
$ | (3,618 | ) |
| |
For the three months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 609,092 | | |
$ | (3,618 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Six Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 1,043,174 | | |
$ | 321,418 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.15 | | |
$ | 0.15 | | |
$ | - | | |
$ | (0.00 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Three Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 465,625 | | |
$ | 143,467 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.07 | | |
$ | 0.07 | | |
$ | - | | |
$ | (0.00 | ) |
|
Concentration of credit risk |
● Concentration of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. As of June 30, 2024 and December 31, 2023, the Company
had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account. As
of June 30, 2024 and December 31, 2023, $0 and $330,717 was not insured, respectively.
|
Fair value of financial instruments |
● Fair value of financial instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
Level
1 — defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;
Level
2 — defined as inputs other than quoted prices in active markets that are either
directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or
similar instruments in markets that are not active; and
Level
3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers
are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
SCHEDULE
OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES
| |
June 30, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 71,717,186 | | |
$ | 71,717,186 | | |
$ | - | | |
$ | - | |
| |
December 31, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 69,889,848 | | |
$ | 69,889,848 | | |
$ | - | | |
$ | - | |
|
Related parties |
● Related parties
Parties,
which can be a corporation or individual, are considered to be related if either the Company or the other party has the ability, directly
or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational
decisions. Companies are also considered to be related if they are subject to common control or significant influence.
|
Recent issued accounting standards |
● Recent issued accounting standards
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s unaudited financial statements.
|
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v3.24.2.u1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SCHEDULE OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE |
The
following table reflects the calculation of basic and diluted net income (loss) per ordinary share:
SCHEDULE
OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE
| |
For the six months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 1,364,592 | | |
$ | (3,618 | ) |
| |
For the three months ended June 30, 2024 | | |
Period from April 27, 2023 (inception) to June 30, 2023 | |
Net income (loss) including accretion of carrying value to redemption value | |
$ | 609,092 | | |
$ | (3,618 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Six Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 1,043,174 | | |
$ | 321,418 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.15 | | |
$ | 0.15 | | |
$ | - | | |
$ | (0.00 | ) |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
For the Three Months Ended | | |
Period from April 27, 2023 (inception) to | |
| |
June 30, 2024 | | |
June 30, 2023 | |
| |
Redeemable | | |
Non-Redeemable | | |
Redeemable | | |
Non-Redeemable | |
| |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | | |
Ordinary Share | |
Basic and diluted net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Numerators: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss) | |
$ | 465,625 | | |
$ | 143,467 | | |
$ | - | | |
$ | (3,618 | ) |
Denominators: | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares outstanding | |
| 6,900,000 | | |
| 2,126,000 | | |
| - | | |
| 1,250,000 | |
Basic and diluted net income (loss) per share | |
$ | 0.07 | | |
$ | 0.07 | | |
$ | - | | |
$ | (0.00 | ) |
|
SCHEDULE OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES |
The
following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June
30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
SCHEDULE
OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES
| |
June 30, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2024 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 71,717,186 | | |
$ | 71,717,186 | | |
$ | - | | |
$ | - | |
| |
December 31, | | |
Quoted Prices In Active Markets | | |
Significant Other Observable Inputs | | |
Significant Other Unobservable Inputs | |
Description | |
2023 | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
Assets: | |
| | | |
| | | |
| | | |
| | |
Money market funds invested in U.S. Treasury | |
$ | 69,889,848 | | |
$ | 69,889,848 | | |
$ | - | | |
$ | - | |
|
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v3.24.2.u1
ORGANIZATION AND BUSINESS BACKGROUND (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
|
|
Dec. 06, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Oct. 20, 2023 |
Sep. 15, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Date of incorporation |
|
Apr. 27, 2023
|
|
|
|
Offering price |
|
$ 10.00
|
|
|
|
Business combination, description |
|
If the Company is unable to complete a business combination
within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than five business days thereafter, redeem 100% of the outstanding Public Shares which redemption will completely
extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s
remaining holders of ordinary shares and its board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution
of the Company, subject (in the case of (ii) and (iii) above) to its obligations to provide for claims of creditors and the requirements
of applicable law
|
|
|
|
Share price |
|
$ 10.10
|
|
|
|
Operating bank account |
|
$ 157,505
|
$ 580,717
|
|
$ 25,000
|
Investments held in trust account |
|
71,717,186
|
69,889,848
|
|
|
Working capital |
|
93,130
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Offering price |
|
|
|
$ 28.75
|
|
Payment for initial public offering |
$ 25,000
|
|
|
|
|
Loan from related party |
$ 210,151
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Number of units issued during period |
6,900,000
|
|
|
|
|
Offering price |
$ 10.00
|
|
|
|
|
Number of underwriter's over-allotment option issued |
900,000
|
|
|
|
|
Gross proceeds |
$ 69,000,000
|
|
|
|
|
Offering costs incurred |
2,070,665
|
$ 1,380,000
|
2,070,665
|
|
|
Deferred underwriting commission |
690,000
|
|
$ 690,000
|
|
|
Net proceeds from sale of units |
$ 69,690,000
|
|
|
|
|
Sale of stock price per share |
$ 10.10
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
Number of units issued during period |
332,000
|
|
|
|
|
Offering price |
$ 10.00
|
|
|
|
|
Proceeds from issuance of private placement |
$ 3,320,000
|
|
|
|
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v3.24.2.u1
SCHEDULE OF BASIC AND DILUTED NET INCOME (LOSS) PER SHARE (Details) - USD ($)
|
2 Months Ended |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2024 |
Allocation of net income |
$ (3,618)
|
$ 609,092
|
$ 755,500
|
$ 1,364,592
|
Redeemable Ordinary Shares [Member] |
|
|
|
|
Allocation of net income |
|
$ 465,625
|
|
$ 1,043,174
|
Basic weighted average number of ordinary shares |
|
6,900,000
|
|
6,900,000
|
Diluted weighted average number of ordinary shares |
|
6,900,000
|
|
6,900,000
|
Basic net income per share |
|
$ 0.07
|
|
$ 0.15
|
Diluted net income per share |
|
$ 0.07
|
|
$ 0.15
|
Non Redeemable Ordinary Shares [Member] |
|
|
|
|
Allocation of net income |
$ (3,618)
|
$ 143,467
|
|
$ 321,418
|
Basic weighted average number of ordinary shares |
1,250,000
|
2,126,000
|
|
2,126,000
|
Diluted weighted average number of ordinary shares |
1,250,000
|
2,126,000
|
|
2,126,000
|
Basic net income per share |
$ (0.00)
|
$ 0.07
|
|
$ 0.15
|
Diluted net income per share |
$ (0.00)
|
$ 0.07
|
|
$ 0.15
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
SCHEDULE OF FAIR VALUE HIERARCHY VALUATION TECHNIQUES (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Platform Operator, Crypto Asset [Line Items] |
|
|
Money market funds invested in U.S. Treasury |
$ 71,717,186
|
$ 69,889,848
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Money market funds invested in U.S. Treasury |
71,717,186
|
69,889,848
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto Asset [Line Items] |
|
|
Money market funds invested in U.S. Treasury |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
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|
|
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|
|
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v3.24.2.u1
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Jun. 30, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 15, 2023 |
Accounting Policies [Abstract] |
|
|
|
|
Cash equivalents |
$ 0
|
$ 0
|
$ 0
|
|
Cash |
157,505
|
157,505
|
580,717
|
$ 25,000
|
Investments held in trust account |
$ 71,717,186
|
$ 71,717,186
|
$ 69,889,848
|
|
Common stock subject to possible redemption |
6,900,000
|
6,900,000
|
6,900,000
|
|
Net of tangible assets |
$ 5,000,001
|
$ 5,000,001
|
|
|
Unrecognized tax benefits |
0
|
0
|
$ 0
|
|
Provision for income taxes |
0
|
0
|
|
|
FDIC insured amount |
250,000
|
250,000
|
|
|
FDIC uninsured amount |
$ 0
|
$ 0
|
$ 330,717
|
|
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v3.24.2.u1
INITIAL PUBLIC OFFERING (Details Narrative) - USD ($)
|
Dec. 06, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Offering price |
|
$ 10.00
|
|
IPO [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Number of units issued during period |
6,900,000
|
|
|
Number of shares issued |
900,000
|
|
|
Offering price |
$ 10.00
|
|
|
Gross proceeds |
$ 69,000,000
|
|
|
Offering costs |
2,070,665
|
$ 1,380,000
|
$ 2,070,665
|
Deferred underwriting commissions |
$ 690,000
|
|
$ 690,000
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v3.24.2.u1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
|
|
6 Months Ended |
|
|
|
|
Oct. 20, 2023 |
Jun. 30, 2023 |
May 25, 2023 |
May 15, 2023 |
May 01, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 06, 2023 |
May 11, 2023 |
Apr. 27, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
2,126,000
|
2,126,000
|
|
|
|
Par value |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
Ordinary shares |
|
|
|
|
|
500,000,000
|
500,000,000
|
|
|
|
Options forfeitures in period |
|
187,500
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
$ 10.00
|
|
|
|
|
Common stock shares outstanding |
|
|
|
|
|
2,126,000
|
2,126,000
|
|
|
|
Amount due to related party |
|
|
|
|
|
$ 51,803
|
|
|
|
|
Accrued expense |
|
|
|
|
|
60,000
|
$ 0
|
|
|
|
Administrative Services Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sponsor for services |
|
|
|
|
|
$ 10,000
|
|
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt conversion price per share |
|
|
|
|
|
$ 10.00
|
|
|
|
|
Sponsor [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock issued during period, value, conversion of units |
|
|
|
|
|
$ 1,500,000
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Aggregate principal amouont |
|
|
|
|
$ 750,000
|
|
|
|
|
|
Short-term debt |
|
|
|
|
|
|
|
$ 210,151
|
|
|
Han Huang [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Par value |
|
|
|
$ 0.0001
|
|
|
|
|
$ 1.00
|
|
Ordinary shares |
|
|
|
|
|
|
|
|
500,000,000
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
1,725,000
|
|
|
|
|
|
|
|
|
|
Par value |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
Directors resolved to repurchase of shares |
|
|
|
498,562,500
|
|
|
|
|
|
|
Repurchased of ordinary shares |
|
|
1,437,500
|
1,437,500
|
|
|
|
|
|
|
Options forfeitures in period |
225,000
|
|
187,500
|
|
|
|
|
|
|
|
Shares issued price per share |
$ 28.75
|
|
|
|
|
|
|
|
|
|
Common stock yet to issued |
287,500
|
|
|
|
|
|
|
|
|
|
Common stock shares outstanding |
1,725,000
|
|
|
|
|
|
|
|
|
|
Prior To IPO [Member] | Han Huang [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
|
|
|
|
50,000
|
Par value |
|
|
|
|
|
|
|
|
|
$ 1.00
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
|
|
|
|
$ 10.00
|
|
|
Equity percentage |
20.00%
|
|
|
|
|
|
|
|
|
|
IPO [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Repayment of promissory note related party |
|
|
|
|
$ 550,000
|
|
|
|
|
|
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v3.24.2.u1
SHAREHOLDERS’ DEFICIT (Details Narrative) - USD ($)
|
Dec. 06, 2023 |
Oct. 20, 2023 |
Jun. 30, 2023 |
May 25, 2023 |
May 15, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 15, 2023 |
May 11, 2023 |
May 08, 2023 |
Apr. 27, 2023 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
500,000,000
|
500,000,000
|
|
|
|
|
Par value |
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
Common stock, shares issued |
|
|
|
|
|
2,126,000
|
2,126,000
|
|
|
|
|
Options forfeitures in period |
|
|
187,500
|
|
|
|
|
|
|
|
|
Subscriptions receivable |
|
|
|
|
|
|
|
|
|
$ 25,000
|
|
Cash |
|
|
|
|
|
$ 157,505
|
$ 580,717
|
$ 25,000
|
|
|
|
Shares issued price per share |
|
|
|
|
|
$ 10.00
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
2,126,000
|
2,126,000
|
|
|
|
|
Common stock subject to possible redemption |
|
|
|
|
|
6,900,000
|
6,900,000
|
|
|
|
|
Han Huang [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares |
|
|
|
|
|
|
|
|
500,000,000
|
|
|
Par value |
|
|
|
|
$ 0.0001
|
|
|
|
$ 1.00
|
|
|
Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Par value |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
Common stock, shares issued |
|
1,725,000
|
|
|
|
|
|
|
|
|
|
Directors resolved to repurchase of shares |
|
|
|
|
498,562,500
|
|
|
|
|
|
|
Repurchased of ordinary shares |
|
|
|
1,437,500
|
1,437,500
|
|
|
|
|
|
|
Purchase price |
|
|
|
$ 25,000
|
|
|
|
|
|
|
|
Options forfeitures in period |
|
225,000
|
|
187,500
|
|
|
|
|
|
|
|
Shares issued price per share |
|
$ 28.75
|
|
|
|
|
|
|
|
|
|
Common stock yet to issued |
|
287,500
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
1,725,000
|
|
|
|
|
|
|
|
|
|
Three Independent Director [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares transferred |
|
|
|
152,000
|
|
|
|
|
|
|
|
Prior To IPO [Member] | Han Huang [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Par value |
|
|
|
|
|
|
|
|
|
|
$ 1.00
|
Common stock, shares issued |
|
|
|
|
|
|
|
|
|
|
50,000
|
Over-Allotment Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares transferred |
900,000
|
|
|
|
|
|
|
|
|
|
|
Over-Allotment Option [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Options forfeitures in period |
|
|
|
187,500
|
|
|
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares transferred |
6,900,000
|
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
$ 10.00
|
|
|
|
|
|
|
|
|
|
|
Percentage for issued and outstanding shares after Initial public Offering |
|
20.00%
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionCommon stock yet to issued.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
6 Months Ended |
|
Dec. 06, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Over-Allotment Option [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Issuance of represantative shares |
|
69,000
|
|
Number of units issued during period |
900,000
|
|
|
IPO [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Number of units issued during period |
6,900,000
|
|
|
Deferred offering costs |
$ 2,070,665
|
$ 1,380,000
|
$ 2,070,665
|
Deferred underwriting fee payable |
|
$ 690,000
|
|
IPO [Member] | Scenario One [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Underwritting discount percentage |
|
2.00%
|
|
IPO [Member] | Scenario Two [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Underwritting discount percentage |
|
1.00%
|
|
IPO [Member] | At Closing [Member] |
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
Underwritting discount percentage |
|
1.00%
|
|
Ordinary shares as underwriters over-allotment fully exercised |
|
69,000
|
|
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Aimei Health Technology (NASDAQ:AFJKU)
過去 株価チャート
から 10 2024 まで 11 2024
Aimei Health Technology (NASDAQ:AFJKU)
過去 株価チャート
から 11 2023 まで 11 2024