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Columbus Acquisition Corp (COLA0.00%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The company is a blank check company incorporated in the Cayman Islands on January 18, 2024, with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities.
Columbus Acquisition Corp completed its initial public offering (IPO) on January 24, 2025, raising $60,000,000 through the sale of 6,000,000 units at $10.00 per unit. Each unit consists of one ordinary share and one right to receive one-seventh of one ordinary share upon the completion of an initial business combination.
Simultaneously with the IPO, the company completed a private placement of 234,290 units to its sponsor, Hercules Capital Management VII Corp, at a price of $10.00 per unit, generating additional proceeds of $2,342,900.
As of December 31, 2024, Columbus Acquisition Corp reported no revenue and a net loss of $77,094, primarily due to formation and operating costs. The company had no cash and a working capital deficit of $252,128 at the end of the fiscal year.
The company has until January 22, 2026, to consummate an initial business combination. If unable to do so, it will cease operations and redeem public shares for cash.
Columbus Acquisition Corp is currently focused on identifying and evaluating potential acquisition targets, with no specific business combination under consideration as of the report date.
The company acknowledges risks related to its operations, including potential conflicts of interest involving its officers and directors, who may have fiduciary duties to other entities.
Columbus Acquisition Corp's management plans to address liquidity concerns by seeking new financing to complete a business combination. However, there is no assurance that such financing will be available on acceptable terms, if at all.
The company's auditor, Marcum Asia CPAs LLP, issued an unqualified opinion on the financial statements, highlighting the company's ability to continue as a going concern due to its liquidity condition and the need to complete a business combination within the specified timeframe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Columbus Acquisition Corp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.