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Archimedes Tech SPAC Partners II Co. Unit (ATIIU+0.10%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses.
On February 12, 2025, Archimedes Tech SPAC Partners II Co. Unit completed its initial public offering, raising $230 million by selling 23 million units, each consisting of one ordinary share and one-half of one redeemable warrant.
The company also completed a private placement of 840,000 units to its sponsor and BTIG, LLC, generating $8.4 million. Proceeds from the IPO and private placement were deposited into a trust account.
The company has not selected any business combination target and has not engaged in any operations or generated any revenue to date. It is classified as a shell company under the Securities Exchange Act of 1934.
If the company does not complete a business combination within 21 months from the IPO closing, it will redeem 100% of the public shares and liquidate.
The filing outlines the company's strategy to focus on the technology industry, particularly in artificial intelligence, cloud services, and automotive technology sectors.
The company reported a net loss of $78,700 for the period from June 7, 2024 (inception) through December 31, 2024, which consisted of general and administrative costs.
As of December 31, 2024, Archimedes Tech SPAC Partners II Co. Unit had no cash and a working capital deficit of $483,391. The company expects to incur significant costs in pursuit of its acquisition plans.
The filing also discusses the company's management team, which possesses experience in the technology industry and capital markets, and outlines the competitive strengths and investment criteria for potential target businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Archimedes Tech SPAC Partners II Co. Unit annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.