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Nova Vision Acquisition Corp. (NOVV0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $64,590 for the nine months ended September 30, 2024, compared to a net income of $80,081 for the same period in the previous year. The loss is attributed to general and administrative expenses exceeding dividend and interest income.
As of September 30, 2024, the company had cash of $18,488 and investments held in a trust account totaling $2,607,985. The working capital deficit was reported at $3,362,330.
The company completed its initial public offering on August 10, 2021, raising gross proceeds of $57,500,000. An additional $3,075,000 was raised through a private placement of 307,500 units.
Nova Vision Acquisition Corp. has until December 10, 2024, to complete a business combination, with the option to extend this deadline by five additional one-month periods.
The company has issued several promissory notes to extend the time available to complete a business combination, with the most recent notes issued in October and November 2024.
Management has expressed concerns about the company's ability to continue as a going concern if a business combination is not completed by the deadline.
The filing outlines the company's ongoing evaluation of business combination candidates and its intention to use the proceeds from its initial public offering to acquire a target business.
The company is not party to any legal proceedings as of the filing date and has no off-balance sheet arrangements.
Nova Vision Acquisition Corp. has identified its internal controls over financial reporting as not effective due to inadequate segregation of duties and insufficient written policies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nova Vision Acquisition Corp. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.