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A SPAC II Acquisition Corp. (ASCBF0.00%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details the company's activities, financial condition, and results of operations. A SPAC II Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
As of December 31, 2024, the company had not commenced any operations and had cash of $140,981 with a working capital deficit of $280,411. The company has until August 5, 2025, to consummate a business combination, or it will be required to liquidate.
The company completed its initial public offering on May 5, 2022, raising $200,000,000 by selling 20,000,000 units at $10.00 per unit. Each unit consisted of one Class A ordinary share, one-half of one redeemable warrant, and one right to receive one-tenth of one Class A ordinary share upon the consummation of an initial business combination.
The company has extended the deadline to complete a business combination twice, with the current deadline set for August 5, 2025. In connection with these extensions, the company redeemed a total of 19,612,022 Class A ordinary shares for approximately $208,869,049.
The company's securities were delisted from the Nasdaq Global Market on September 24, 2024, due to non-compliance with Nasdaq's continued listing rules. The company's units, Class A ordinary shares, warrants, and rights are now quoted on the Over-the-Counter (OTC) markets.
The report also outlines the company's management team and their significant ties to China, which may impact the company's ability to complete a business combination with a U.S. target company due to potential foreign investment regulations.
A SPAC II Acquisition Corp. has identified high-growth industries such as Proptech and Fintech as its target sectors, with a preference for companies that promote environmental, social, and governance principles.
The company acknowledges the risks and uncertainties related to its operations, including the potential impact of regulatory changes in China and the need for additional financing to complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the A SPAC II Acquisition Corp. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.