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Chenghe Acquisition II Co. (CHEB0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the period, showing cash of $289,602 and marketable securities held in the Trust Account of $87,620,453.
The company reported a net loss of $1,363,129 for the three months ended September 30, 2024, primarily due to operating costs of $2,487,677, offset by interest income of $1,124,548.
As of September 30, 2024, Chenghe Acquisition II Co. had total liabilities of $5,934,000 and a working capital deficit of $2,056,585.
The company completed its Initial Public Offering on June 10, 2024, raising gross proceeds of $86,250,000 through the sale of 8,625,000 units.
Simultaneously, the company completed the sale of 310,000 Private Placement Units, generating additional proceeds of $3,100,000.
The company entered into a Business Combination Agreement with Polibeli Group Ltd and Polibeli Merger One Limited on September 16, 2024.
The agreement outlines a merger where Chenghe Acquisition II Co. will become a wholly-owned subsidiary of Polibeli.
The company has until June 12, 2025, to complete a Business Combination, failing which it will liquidate.
Chenghe Acquisition II Co. is classified as a shell company and an emerging growth company, with plans to use proceeds from its IPO to complete a Business Combination.
The filing also details the company's financial instruments, including 4,467,500 warrants outstanding, which are exercisable for Class A ordinary shares.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chenghe Acquisition II Co. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.