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CDAQF (CDAQF0.00%) 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 results, including a net loss of $3,545,486 for the year, compared to a net income of $4,386,322 in the previous year. The loss was primarily due to operating expenses and non-redemption expenses.
The company held $27,637,300 in its trust account as of December 31, 2024, down from $55,347,556 at the end of 2023, primarily due to shareholder redemptions.
CDAQF's management has disclosed substantial doubt about the company's ability to continue as a going concern, citing liquidity issues and the need to complete a business combination by April 19, 2025.
The company has entered into a business combination agreement with EEW Renewables Ltd and related parties, aiming to merge and form a new publicly traded entity, EEW Renewables Corp.
The proposed business combination includes a share exchange agreement, where EEW's shareholders will receive newly issued shares of the new entity, subject to certain conditions and earnout provisions.
CDAQF's management team has been restructured following a sponsor handover, with new directors and officers appointed as of August 31, 2023.
The company has extended its business combination deadline twice, most recently to April 19, 2025, to allow more time to complete the transaction with EEW.
The report outlines the company's financial strategy, including reliance on working capital loans and a capital investment from Polar Asset Management Partners Inc.
CDAQF's securities were delisted from Nasdaq and are now quoted on the OTC Pink Market under the symbols CDAQF, CDAWF, and CDAUF.
The filing also includes information on the company's governance structure, detailing the roles and backgrounds of its directors and executive officers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CDAQF annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.