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dMY Squared Technology Group Inc. Class A (DMYY+0.36%) 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 formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
The filing includes audited financial statements for the year ended December 31, 2024, and restates certain financial information from previous quarters due to errors in the redemption value of Class A common stock subject to possible redemption.
The company reported a net loss of approximately $819,000 for the year ended December 31, 2024, compared to net income of approximately $2.3 million for the previous year.
The company had approximately $25.6 million held in the Trust Account as of December 31, 2024, with the funds intended to be used for a business combination or returned to shareholders if no combination is completed.
The company has extended its deadline to complete a business combination to April 29, 2025, with the possibility of further extensions up to December 29, 2025, if certain conditions are met.
The company has entered into a non-binding letter of intent for a business combination with Horizon Quantum Computing Pte. Ltd., valuing Horizon at approximately $500 million.
The filing outlines various risks and uncertainties, including the restatement of financial statements, material weaknesses in internal control over financial reporting, and the company's dependence on completing a business combination.
The company has identified a material weakness in its internal control over financial reporting due to errors in calculating the redemption value of Class A shares, which it plans to address through remediation efforts.
The company is dependent on its executive officers and directors, with Harry L. You serving as Chairman, CEO, and CFO, and it has no full-time employees prior to completing 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 dMY Squared Technology Group Inc. Class A annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.