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ESH Acquisition Corp. (ESHA0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company, a blank check entity, was incorporated on November 17, 2021, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
On June 16, 2023, ESH Acquisition Corp. completed its initial public offering (IPO) of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000. Each unit consists of one share of Class A common stock and one right.
Simultaneously with the IPO, the company completed a private placement of 7,470,000 warrants at a price of $1.00 per warrant, generating gross proceeds of $7,470,000.
As of December 31, 2024, the company held $8,485,212 in its trust account, primarily invested in U.S. Treasury securities.
The company reported a net income of $3,878,173 for the year ended December 31, 2024, primarily due to interest earned on investments held in the trust account.
The company has until December 16, 2025, to complete a business combination, following an extension approved by stockholders on December 3, 2024. In connection with this extension, 10,760,119 shares of Class A common stock were redeemed.
If the company does not complete a business combination by the deadline, it will cease operations and liquidate the trust account, returning funds to public stockholders.
As of December 31, 2024, ESH Acquisition Corp. had cash of $1,346,843 and a working capital deficit of $162,593.
The company has entered into an agreement with its sponsor to fund up to $360,000 in extension loans, evidenced by unsecured promissory notes, to extend the deadline for completing a business combination.
The company has identified certain risks, including its status as a blank check company, the potential inability to complete a business combination, and the impact of global economic conditions on its operations.
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. annual 10-K report dated April 4, 2025. To report an error, please email earnings@qz.com.