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Oak Woods Acquisition Corporation Unit (OAKUU0.00%) 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 $335,717, compared to $515,336 in the same quarter the previous year. The income is primarily from interest income on investments held in the trust account.
Operating expenses for the quarter were $473,505, compared to $251,764 in the same quarter of the previous year. The increase is attributed to higher administrative and consulting service expenses.
The company reported a working capital deficit of $3,231,180 as of September 30, 2024, compared to a deficit of $636,175 at the end of the previous year.
Cash used in operating activities was $1,134,653 for the nine months ended September 30, 2024, compared to $491,069 in the same period the previous year.
Oak Woods has entered into a Merger Agreement with Huajin (China) Holdings Limited, with the merger expected to be completed by March 28, 2025, subject to certain conditions.
The company has issued unsecured promissory notes totaling $745,500 to extend the time available to complete the business combination.
The filing notes that 1,492,646 Class A ordinary shares were redeemed at a per share price of $11.08, resulting in a liability of $16,541,342 recorded as Class A ordinary shares to be redeemed.
The company acknowledges the risk of not completing the business combination within the extended period, which could lead to liquidation.
The filing also details various financial agreements, including a backstop agreement with Future Woods Investment Holding Limited to purchase $5,000,000 worth of Class A Ordinary Shares.
Oak Woods continues to focus on completing the business combination with Huajin and managing its financial obligations to ensure successful operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oak Woods Acquisition Corporation Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.