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Aldel Financial II Inc. (ALDF+0.20%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Aldel Financial II Inc. completed its initial public offering on October 23, 2024, raising $230,000,000 by selling 23,000,000 units at $10.00 per unit.
Simultaneously with the IPO, the company conducted private placements, generating additional proceeds of $7,075,000.
As of December 31, 2024, the company had $233,166,502 held in a trust account, which will be used to fund a future business combination.
The company reported net income of $1,883,666 for the year ended December 31, 2024, primarily from interest income earned on the trust account.
The company has until October 23, 2026, to complete a business combination or it will liquidate and return the funds held in the trust account to public shareholders.
Aldel Financial II Inc. is focused on identifying a target in the financial services industry, but is not limited to a particular industry or geographic region.
The company's management team and board of directors have significant experience in financial services, investment management, and mergers and acquisitions.
The company is classified as an emerging growth company and a smaller reporting company, which allows it to take advantage of reduced reporting requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aldel Financial II Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.