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JVSPAC Acquisition Corp. (JVSA+0.57%) 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 $626,883 for the three months ended September 30, 2024, primarily due to interest income from the trust account.
Cash used in operating activities for the nine months ended September 30, 2024, was $692,619, with a net income of $1,399,026 affected by interest earned on investments held in the trust account.
The company completed its Initial Public Offering on January 23, 2024, raising $57,500,000 by selling 5,750,000 units at $10.00 per unit. Each unit consists of one Class A ordinary share and one right to receive one-fourth of one Class A ordinary share upon consummation of an initial business combination.
Simultaneously, the company completed a private placement of 240,000 units to its sponsor, generating additional proceeds of $2,400,000.
As of September 30, 2024, JVSPAC had cash of $844,690 and marketable securities held in the trust account of $59,579,851.
The company entered into an Agreement and Plan of Merger with Hotel101 Global Pte. Ltd. and other parties on April 8, 2024, with a proposed merger consideration of $2,300,000,000 to be paid entirely in newly issued ordinary shares of PubCo.
An amendment to the merger agreement was signed on September 3, 2024, modifying certain terms and conditions of the original agreement.
JVSPAC's management has identified substantial doubt about the company's ability to continue as a going concern due to the need to complete a business combination within 12 months of the IPO closing date.
The company has no off-balance sheet arrangements and does not anticipate needing additional funds to meet expenditures required for operating its business.
The filing outlines various financial agreements, including registration rights for certain shareholders and a right of first refusal granted to the underwriter for future offerings.
JVSPAC's management continues to focus on completing the proposed business combination and addressing any uncertainties related to 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 JVSPAC Acquisition Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.