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Dynamix Corporation (DYNX-0.10%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details that Dynamix Corporation is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), incorporated on June 13, 2024, in the Cayman Islands. The company was formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
Dynamix Corporation completed its initial public offering (IPO) on November 22, 2024, issuing 16,600,000 units at a price of $10.00 per unit, generating gross proceeds of $166,000,000. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
Simultaneously with the IPO, the company completed a private placement of 5,985,000 warrants at a price of $1.00 per warrant, generating additional gross proceeds of $5,985,000.
The company has placed $166,415,000 of the net proceeds in a trust account, which will be used to fund the business combination or to redeem shares if a business combination is not completed within 24 months from the IPO.
As of December 31, 2024, Dynamix Corporation reported total assets of $168,710,028, including $167,164,825 held in the trust account. The company also reported liabilities totaling $9,144,979, primarily consisting of a deferred underwriting fee and warrant liabilities.
Dynamix Corporation has not yet identified a target for its initial business combination and has not generated any operating revenues since its inception. The company will continue to seek a suitable target for its business combination.
The company’s management team includes Chief Executive Officer Andrea Bernatova and Chief Financial Officer Nader Daylami, both of whom have significant experience in the energy sector.
Dynamix Corporation acknowledges the risks associated with its business, including the potential inability to complete a business combination within the specified timeframe, competition for business combination opportunities, and the dependence on its management team.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dynamix Corporation annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.