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Bowen Acquisition Corp Unit (BOWNU+5.05%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $74,534,486 as of September 30, 2024, compared to $71,925,752 as of December 31, 2023.
Total liabilities increased to $284,120 from $103,860 over the same period, with accrued offering costs and expenses rising to $143,425.
The company reported a net income of $825,358 for the three months ended September 30, 2024, compared to $573,444 for the same period in 2023.
Interest earned on investments held in the trust account was $952,787 for the quarter, contributing to the net income.
As of September 30, 2024, Bowen Acquisition Corp Unit had cash of $271,847 and a working capital of $12,879.
The company has not commenced any operations and is focused on completing a Business Combination within the specified Combination Period.
Bowen Acquisition Corp Unit's management has raised concerns about the company's ability to continue as a going concern if a Business Combination is not completed within the Combination Period.
The filing details the company's financial activities, including the completion of its IPO and the subsequent exercise of the underwriters' over-allotment option, which raised additional funds.
Bowen Acquisition Corp Unit has engaged various service providers for its proposed Business Combination with Shenzhen Qianzhi BioTechnology Co. Ltd.
The company is classified as an emerging growth company and is subject to certain exemptions from reporting requirements.
The filing notes a material weakness in internal control over financial reporting due to the lack of a qualified SEC reporting professional.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bowen Acquisition Corp Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.