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TMT Acquisition Corp (TMTC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, indicating a net income of $493,852 for the three months ended September 30, 2024, compared to $685,420 for the same period in 2023.
Income from the trust account was reported at $863,959 for the three months ended September 30, 2024, while formation and operating costs were $340,107.
For the nine months ended September 30, 2024, net income was $1,251,902, with income from the trust account amounting to $2,259,388 and formation and operating costs totaling $917,486.
The company completed its IPO on March 30, 2023, raising $60,000,000 from the sale of 6,000,000 units at $10.00 per unit, with an additional $3,700,000 from the sale of 370,000 private placement units.
Transaction costs related to the IPO amounted to $3,868,701, including underwriting fees of $1,200,000.
As of September 30, 2024, TMT Acquisition Corp had $89,180 in cash and $67,059,866 in investments held in the trust account.
The company issued several convertible notes to finance transaction costs related to its initial business combination, with $1,965,000 outstanding as of September 30, 2024.
TMT Acquisition Corp entered into a merger agreement with eLong Power Holding Limited, valued at $450,000,000, with the merger structure amended on February 29, 2024.
The company extended the timeline for completing a business combination to December 30, 2024, with additional deposits into the trust account to facilitate this extension.
The filing notes a material weakness in internal controls over financial reporting due to a lack of qualified SEC reporting professionals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TMT Acquisition Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.