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ESH Acquisition Corp (ESHA0.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $1,059,413, primarily due to interest income on investments held in the Trust Account amounting to $1,588,812.
Operating costs for the quarter were reported at $156,771, with additional expenses including a provision for income taxes of $322,628 and a franchise tax expense of $50,000.
For the nine months ended September 30, 2024, the company reported a net income of $3,218,561, driven by interest income of $4,724,702 from the Trust Account.
The company completed its IPO on June 16, 2023, raising $115,000,000 from the sale of 11,500,000 Units, with an additional $7,470,000 from the sale of Private Placement Warrants.
Total funds of $116,725,000 were placed in the Trust Account, with $5,368,092 incurred in IPO-related costs, including underwriting discounts and offering costs.
As of September 30, 2024, ESH Acquisition Corp. held $123,794,068 in the Trust Account, with $1,460,218 in cash available for operational purposes.
The company is focused on identifying and evaluating target businesses for its Initial Business Combination, with plans to use proceeds from the Trust Account upon completion.
Management has identified risks such as global economic uncertainty and geopolitical conflicts that could impact financial performance and business operations.
The company has determined that mandatory liquidation, if the Initial Business Combination is not completed by December 16, 2024, raises substantial doubt about its ability to continue as a going concern.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ESH Acquisition Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.