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Charlton Aria Acquisition Corporation (CHAR+0.46%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing details the company's financial position, highlighting a net loss of $15,833 for the three months ended June 30, 2024. This loss is attributed to formation and operating costs.
Charlton Aria Acquisition Corporation is a blank check company formed for the purpose of effecting a business combination. As of June 30, 2024, the company had not commenced operations.
On October 25, 2024, the company completed its initial public offering, raising gross proceeds of $75,000,000. Simultaneously, a private placement generated an additional $2,400,000.
The company has placed $75,187,500 from the IPO and private placement into a trust account, which will be used to fund a future business combination.
The company has a working capital deficit of $92,408 as of June 30, 2024, and plans to use funds held outside the trust account for identifying and evaluating target businesses.
Charlton Aria Acquisition Corporation's management has identified material weaknesses in its internal controls, specifically regarding segregation of duties and insufficient written policies.
The company has no off-balance sheet arrangements and has not entered into any off-balance sheet financing arrangements.
Charlton Aria Acquisition Corporation's ability to continue as a going concern is dependent on completing a business combination within the specified timeframe or obtaining additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Charlton Aria Acquisition Corporation quarterly 10-Q report dated December 3, 2024. To report an error, please email earnings@qz.com.