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Hudson Acquisition I Corp. (HUDA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, reporting a net loss of $488,195 for the three months ended September 30, 2024. This loss is attributed to general and administrative expenses of $306,524, franchise tax expense of $18,600, and a loss on overpayment of franchise tax of $172,166, offset by interest income of $19,751.
For the nine months ended September 30, 2024, Hudson Acquisition I Corp. reported a net loss of $853,947. The company earned $569,338 in interest income from marketable securities held in the trust account.
As of September 30, 2024, Hudson Acquisition I Corp. had $378,755 in its operating bank account and a working capital deficit of $2,250,765. The company has $1,109,108 in cash held in the trust account.
The company has received a notice from Nasdaq (NDAQ-1.24%) regarding potential delisting due to non-compliance with certain listing requirements. Hudson Acquisition I Corp. has appealed the determination and is taking steps to regain compliance.
Hudson Acquisition I Corp. has until October 18, 2025, to consummate a business combination, with extensions available upon monthly deposits into the trust account. The company is currently pursuing a business combination with Aiways Automobile Europe GmbH.
The filing discloses that Hudson Acquisition I Corp. has not commenced core operations and is focused on identifying a target for an initial business combination. The company will not generate operating revenues until after the completion of such a combination.
Hudson Acquisition I Corp. has identified material weaknesses in its internal control over financial reporting and is working on remediation efforts to address these issues.
The company acknowledges risks from cybersecurity threats and has integrated cybersecurity risk management into its broader risk management framework.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hudson Acquisition I Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.