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TETEF (TETEF0.00%) has submitted its 10-K filing for the fiscal year ended November 30, 2024.
The filing details the company's activities as a blank check company, incorporated in the Cayman Islands, and its ongoing efforts to complete a business combination. TETEF has entered into a merger agreement with Bradbury Capital Holdings Inc., with the transaction expected to close in the second quarter of 2025.
The company reported a net income of $617,298 for the year ended November 30, 2024, primarily from interest earned on cash and investments held in the trust account.
TETEF held an extraordinary meeting of shareholders on January 20, 2025, where shareholders approved an extension of the business combination period to April 20, 2025. The extension required the deposit of additional funds into the trust account.
The company disclosed that if a business combination is not completed by April 20, 2025, it will liquidate the trust account and distribute the funds to shareholders.
TETEF's securities are currently quoted on the OTC Markets under the symbols 'TETEF', 'TETWF', and 'TETUF', following a delisting from Nasdaq in January 2025.
The report highlights the company's dependence on completing a business combination to continue operations, with management expressing substantial doubt about the company's ability to continue as a going concern if the combination is not completed.
The filing also outlines the company's financial position, with cash and investments held in the trust account totaling $31,665,013 as of November 30, 2024.
TETEF's management has identified the need for additional capital to sustain operations and complete the business combination, with no assurance of obtaining such capital.
The company has not engaged in any operations or generated revenues to date and continues to focus on identifying and completing 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 TETEF annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.