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Stellar V Capital Corp. (SVCC0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated on July 12, 2024, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
On January 31, 2025, Stellar V Capital Corp. completed its Initial Public Offering (IPO) of 15,000,000 units at a price of $10.00 per unit, generating gross proceeds of $150,000,000. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
Simultaneously with the IPO, the company completed a private placement of 555,000 units at $10.00 per unit, generating additional gross proceeds of $5,550,000. These units were purchased by the company's sponsor, Stellar V Sponsor LLC, and BTIG, LLC, the representative of the underwriters.
The company has until 21 months from the closing of the IPO to complete a business combination. If unable to do so, it will redeem 100% of the public shares at a per-share price equal to the aggregate amount then on deposit in the trust account, divided by the number of then outstanding public shares.
As of December 31, 2024, the company reported no revenues and a net loss of $157,572, primarily due to general and administrative costs and share-based compensation expenses.
The company's financial statements show total assets of $362,887, with liabilities totaling $413,709, resulting in a shareholders' deficit of $50,822.
Stellar V Capital Corp. is classified as an emerging growth company and is subject to reduced reporting requirements.
The company has entered into various agreements, including a registration rights agreement and an administrative services agreement, and is subject to certain underwriting and legal obligations.
The management team and directors of Stellar V Capital Corp. hold interests in the company's founder shares and private placement units, with certain restrictions on transfer and sale.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stellar V Capital Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.