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A SPAC III Acquisition Corp. Unit (ASPCU0.00%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that A SPAC III Acquisition Corp. is a blank check company incorporated in the British Virgin Islands, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses.
The company completed its Initial Public Offering (IPO) on November 12, 2024, selling 5,500,000 units at $10.00 per unit, generating gross proceeds of $55,000,000. Each unit consists of one Class A ordinary share and one right to receive one-tenth of one Class A ordinary share upon the completion of a Business Combination.
Simultaneously with the IPO, the company conducted a private placement of 280,000 units to its sponsor, generating $2,800,000 in proceeds. An additional 5,000 units were sold in a private placement on November 19, 2024, generating $50,000.
On November 19, 2024, the underwriters partially exercised their over-allotment option, purchasing 500,000 additional units at $10.00 per unit, generating $5,000,000 in gross proceeds.
The company has placed $60,000,000 in a trust account, which will be used to complete a Business Combination. The funds are invested in U.S. government treasury bills or money market funds.
The company reported a net loss of $38,778 for the three months ended September 30, 2024, and a net loss of $46,778 for the nine months ended September 30, 2024, primarily due to formation and operational expenses.
As of September 30, 2024, A SPAC III Acquisition Corp. had no cash and a working capital deficit of $269,603. The company has borrowed $244,603 under a promissory note from its sponsor.
The company plans to use the proceeds from the IPO and private placements to identify and complete a Business Combination within 12 months from the IPO closing, with an option to extend for an additional six months.
The filing includes a cautionary note regarding forward-looking statements and outlines various risks and uncertainties that could impact the company's ability 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 III Acquisition Corp. Unit quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.