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Translational Development Acquisition Corp. (TDAC0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's completion of its initial public offering on December 24, 2024, where it sold 17,250,000 units at $10.00 per unit, generating gross proceeds of $172,500,000.
Simultaneously with the IPO, the company completed a private placement of 7,075,000 warrants at $1.00 per warrant, generating additional proceeds of $7,075,000.
The company placed $174,225,000 of the net proceeds from the IPO and private placement into a trust account, which will be used to fund a business combination.
The company reported a net loss of $71,012 for the year ended December 31, 2024, primarily due to operating and formation costs.
As of December 31, 2024, the company had cash of $438,174 and investments held in the trust account of $174,350,346.
The company has 18 months from the closing of the IPO to complete a business combination, failing which it will redeem the public shares and liquidate.
The filing also outlines the company's plans to seek a business combination with one or more businesses, leveraging the experience and network of its management team.
The company is classified as an emerging growth company and is subject to certain exemptions from reporting requirements.
The filing includes a discussion of risks and uncertainties, including geopolitical tensions and their potential impact on the company's operations and business combination efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Translational Development Acquisition Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.