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Athena Technology Acquisition Corp. II Class A (ATEK0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial position, highlighting a net loss of $2,648,946 for the year. This contrasts with a net income of $1,339,504 reported in the previous year, primarily due to increased operating expenses and finance costs.
Interest income from investments held in the Trust Account was reported at $850,641, a decrease from the prior year's $6,009,585. This decline reflects reduced funds in the Trust Account following significant redemptions.
Operating expenses totaled $3,402,952, with additional franchise tax expenses of $18,596. The company also reported finance costs of $78,039 related to the amortization of debt issuance.
As of December 31, 2024, Athena Technology Acquisition Corp. II had $3,666,439 invested in the Trust Account, down from $24,387,525 at the end of 2023. This reduction is attributed to shareholder redemptions and tax payments.
The company has extended its deadline to complete a business combination to September 14, 2025. However, it faces liquidity challenges and substantial doubt about its ability to continue as a going concern.
Athena Technology Acquisition Corp. II is actively pursuing a business combination with Ace Green Recycling, Inc. The proposed merger, detailed in the Business Combination Agreement, aims to position Ace Green Recycling as a wholly-owned subsidiary.
The company has faced compliance challenges, including delayed SEC filings and delisting from NYSE American, resulting in its securities trading on OTC Markets OTCPK.
Athena Technology Acquisition Corp. II has identified a material weakness in its internal controls over financial reporting, specifically related to the misallocation of restricted funds intended for tax payments.
The company has taken steps to address these issues, including implementing enhanced controls and improving internal communications to ensure compliance with its Trust Agreement and Charter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Athena Technology Acquisition Corp. II Class A annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.