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GP-Act III Acquisition Corp. (GPAT-0.10%) 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, also known as a Special Purpose Acquisition Company (SPAC), formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
GP-Act III Acquisition Corp. completed its Initial Public Offering (IPO) on May 13, 2024, raising gross proceeds of $287,500,000 by issuing 28,750,000 units at $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
Simultaneously with the IPO, the company completed the sale of 7,000,000 private placement warrants at a price of $1.00 per warrant to its sponsors and Cantor Fitzgerald & Co., generating additional proceeds of $7,000,000.
The net proceeds from the IPO and the private placement were placed in a trust account, with a balance of $296,736,638 as of December 31, 2024, including interest earned.
The company reported a net income of $8,671,665 for the year ended December 31, 2024, primarily due to interest income of $9,236,638 earned on the trust account.
GP-Act III Acquisition Corp. has 24 months from the closing of the IPO to complete a business combination, or it will cease operations and redeem the public shares.
The company is actively seeking a suitable business combination target and intends to use the proceeds from the IPO and private placement to finance the acquisition and operation of a target business.
The company has not yet identified any target businesses for a potential business combination and has not engaged in any operations to date.
GP-Act III Acquisition Corp. is subject to various risks and uncertainties, including the risk of not completing a business combination within the specified timeframe, which could result in the liquidation of the company.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GP-Act III Acquisition Corp. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.