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JVSPAC Acquisition Corp. (JVSA+0.37%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's activities, including its initial public offering (IPO) on January 23, 2024, which raised $57,500,000 through the sale of 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 the completion of the company's initial business combination.
Simultaneously with the IPO, JVSPAC completed a private placement of 240,000 units, generating an additional $2,400,000. The proceeds from the IPO and private placement were placed in a trust account.
On April 8, 2024, JVSPAC entered into a merger agreement with Hotel101 Global Pte. Ltd., Hotel of Asia, Inc., and other entities. The agreement involves a complex series of transactions, including share transfers and mergers, with an aggregate consideration of $2,300,000,000 to be paid in stock.
On September 3, 2024, JVSPAC amended the merger agreement, adjusting the terms and extending the timeline for completion. If the merger is not completed by January 23, 2025, Hotel101 Global is required to deposit $2,000,000 into JVSPAC's working capital account.
As of December 31, 2024, JVSPAC reported cash of $809,301 and investments held in the trust account of $60,270,176. The company had incurred operating costs of $806,106 and reported net income of $2,002,561 for the year.
JVSPAC's management has expressed uncertainty about the company's ability to continue as a going concern, given the need to complete a business combination by April 23, 2025, or face liquidation. The company has received $2,000,000 from Hotel101 Global to extend the deadline for completing the merger.
The filing also details JVSPAC's financial position, including liabilities of $447,915 and shareholders' equity of $599,267 as of December 31, 2024. The company is subject to various risks and uncertainties, including the potential impact of global conflicts and economic sanctions on its operations and ability to consummate a business combination.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.