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OCA Acquisition Corp. (OCAXW0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company had a net income of approximately $0.9 million for the three months ended September 30, 2024. This includes income from the change in fair value of warrant liabilities and interest earned on the trust account.
For the nine months ended September 30, 2024, net income was approximately $0.1 million, with income from warrant liabilities and interest offset by operational losses and tax provisions.
As of September 30, 2024, OCA Acquisition Corp. had $1,465 in its operating bank account, with liquidity needs primarily met through funding by its sponsor.
The company has issued several promissory notes to its sponsor, totaling $4,137,500, which do not bear interest and mature upon the closing of an initial business combination.
The company has extended the deadline to complete its initial business combination to November 20, 2024, with further extensions possible upon sponsor approval.
OCA Acquisition Corp. intends to pursue a business combination with Powermers Smart Industries, Inc., with a pro forma equity value of approximately $2 billion.
The company's securities were delisted from Nasdaq (NDAQ+0.39%) and are now trading on the OTC Pink Marketplace, following a failure to complete a business combination within 36 months of its IPO.
The company faces liquidity challenges and must complete a business combination by November 20, 2024, or face mandatory liquidation and dissolution.
The report outlines various financial agreements, including the issuance of convertible promissory notes and the potential conversion of sponsor loans into warrants.
OCA Acquisition Corp. is subject to risks such as economic uncertainty, market volatility, and geopolitical instability, which could impact its ability to complete 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 OCA Acquisition Corp. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.