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Aimei Health Technology Co. Ltd (AFJK+0.18%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated on April 27, 2023, for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
On December 6, 2023, Aimei Health completed its initial public offering, raising $69,000,000 through the sale of 6,900,000 units at $10.00 per unit. Each unit consists of one ordinary share and one right to receive one-fifth of one ordinary share upon the consummation of an initial business combination.
Simultaneously with the IPO, Aimei Health completed a private placement of 332,000 units to its sponsor, Aimei Investment Ltd, generating $3,320,000.
As of December 31, 2024, Aimei Health held $73,784,549 in a trust account, set aside for the purpose of consummating a business combination.
Aimei Health has until April 6, 2025, to complete its initial business combination, with the ability to extend the deadline up to 24 months from the IPO closing date, subject to certain conditions.
The company has entered into a definitive business combination agreement with United Hydrogen Group Inc. and related entities, with the transaction subject to customary closing conditions.
Aimei Health reported a net income of $2,552,215 for the year ended December 31, 2024, primarily from interest income on assets held in the trust account.
The company identified a material weakness in its internal controls over financial reporting due to inadequate segregation of duties and insufficient written policies and procedures.
Aimei Health's management continues to seek a suitable business combination target, focusing on small cap companies in the biopharmaceutical, medical technology, and diagnostics sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aimei Health Technology Co. Ltd annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.