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Spark I Acquisition Corp. (SPKL+0.09%) has filed its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Spark I Acquisition Corp. is a blank check company incorporated on July 12, 2021, in the Cayman Islands. The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company has not yet engaged in any operations or generated any revenue. Its activities have been limited to organizational efforts and identifying a target business for a potential combination.
As of December 31, 2024, Spark I Acquisition Corp. had $375,403 in cash held outside its trust account and a working capital deficit of $868,904. The company has issued a promissory note of up to $1,900,000 to its sponsor to finance its working capital needs.
Spark I Acquisition Corp. completed its initial public offering on October 11, 2023, raising $100,500,000, which was placed in a trust account. The company has until July 11, 2025, to complete an initial business combination.
The company has signed non-binding letters of intent for potential business combinations with Kneron Holding Corporation and a company in the hospitality software space. However, these letters have expired, and negotiations with Kneron are ongoing.
Spark I Acquisition Corp. is dependent on its executive officers and directors and has entered into consultancy agreements with them for their services. The company has paid consulting fees to its officers and directors during the year ended December 31, 2024.
The company has identified various risks, including the possibility of not completing a business combination by the deadline, potential conflicts of interest, and the need for additional financing.
Spark I Acquisition Corp. has not paid any cash dividends and does not intend to do so prior to the completion of its initial business combination.
The company is subject to various regulatory requirements and has adopted a Code of Ethics applicable to its directors, officers, and employees.
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. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.