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Spark I Acquisition Corp. (SPKL-0.19%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing a net income of $901,986 for the three months ended September 30, 2024, compared to a net loss of $448,131 for the same period in 2023. The net income is primarily attributed to interest income of $1,356,606 from investments held in a trust account.
Operating expenses for the three months ended September 30, 2024, were $142,271, with additional related party administration and consulting fees amounting to $312,350.
As of September 30, 2024, Spark I Acquisition Corp. reported $82,760 in cash and a working capital deficit of $251,453. The trust account held $105,701,457.
The company completed its Initial Public Offering on October 11, 2023, raising $100,000,000 through the sale of 10,000,000 units at $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
Simultaneously, the company raised $8,490,535 through a private placement of 8,490,535 warrants to its sponsor, SLG SPAC Fund LLC.
The company has until July 11, 2025, to complete a business combination or it will be required to liquidate. The management has expressed substantial doubt about the company's ability to continue as a going concern due to liquidity conditions and the timing of liquidation.
The company has not commenced any operations and will not generate operating revenues until after the completion of an initial business combination.
Spark I Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spark I Acquisition Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.