In This Story
Bleichroeder Acquisition Corp. I (BACQ0.00%) has submitted its Form 10-Q filing for the quarterly period ended September 30, 2024.
The company, a blank check entity, was incorporated on June 24, 2024, and has not commenced operations. Its activities have been limited to organizational efforts and preparing for its Initial Public Offering, which was completed on November 4, 2024.
The Initial Public Offering involved the issuance of 25,000,000 units at $10.00 per unit, raising gross proceeds of $250,000,000. Each unit consists of one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon consummation of a business combination.
Simultaneously with the Initial Public Offering, the company completed a private placement of 425,000 units at $10.00 per unit, generating additional proceeds of $4,250,000.
As of September 30, 2024, the company reported a net loss of $77,427, primarily due to formation and operational costs.
The company has placed $250,000,000 in a trust account, which will be used to fund a future business combination. The company has 24 months from the closing of the Initial Public Offering to complete a business combination.
The company has not selected a target for its business combination and has not engaged in substantive discussions with any potential targets.
The company is classified as an emerging growth company and is subject to certain exemptions from reporting requirements.
The company has no off-balance sheet arrangements and does not have any long-term debt or capital lease obligations.
The company's management has evaluated the company's financial condition and determined that it has sufficient funds to meet its working capital needs for at least one year from the issuance of the financial statements.
The company is exposed to risks and uncertainties, including geopolitical instability and market disruptions, which could impact its 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 Bleichroeder Acquisition Corp. I quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.