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Breeze Holdings Acquisition Corp. (BRZH0.00%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's ongoing efforts to complete a business combination, with a focus on the defense technology industry. A previous merger agreement with TV Ammo, Inc. was terminated, and a new agreement with YD Biopharma Limited is in progress.
As of December 31, 2024, Breeze Holdings had $10.5 million held in trust, with $7.4 million paid out in January 2025 due to stockholder redemptions. The company reported a net loss of $2.3 million for the year.
Breeze Holdings' management continues to seek a suitable business combination, leveraging its network and industry experience. The company aims to complete a business combination by June 26, 2025, to avoid liquidation.
The company has extended its business combination deadline multiple times, most recently to June 26, 2025, with the approval of its stockholders. Each extension required additional funds to be deposited into the trust account.
Breeze Holdings' management has identified a material weakness in internal control over financial reporting related to the preparation of its income tax provision. A remediation plan is in place to address this issue.
The company acknowledges the risks associated with its status as a blank check company and the potential impact of geopolitical conflicts on its operations and financial performance.
Breeze Holdings' common stock and warrants began trading on the OTCQX Best Market in August 2024 after being delisted from NASDAQ. The company continues to explore opportunities for 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 Breeze Holdings Acquisition Corp. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.