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VMCAF (VMCAF+1.10%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing is available to the public filing.
The company is a blank check company incorporated in the Cayman Islands, 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 report outlines VMCAF's financial statements for the year, showing a net income of $2,403,129. The company generated interest income of $1,920,591 from investments held in the trust account.
VMCAF has until April 3, 2025, to complete its initial business combination, with an option to extend monthly until March 3, 2026. The company is actively seeking a target business for acquisition.
The company held extraordinary general meetings in May 2023 and June 2024, where shareholders approved amendments to extend the date by which the company must consummate a business combination.
As of December 31, 2024, VMCAF had cash of $61,037 and a working capital deficit of $4,229,842. The company has not commenced any operations and will not generate operating revenues until after the completion of a business combination.
The report includes a note on going concern, highlighting the company's liquidity condition and the mandatory liquidation if a business combination is not completed by the deadline.
VMCAF's securities were delisted from Nasdaq on March 11, 2025, and are now quoted on the over-the-counter market.
The management team, led by CEO Sung Yoon Woo, continues to focus on identifying and merging with a target based in Asia, excluding China, Hong Kong, and Macau, with a focus on life sciences or sustainable technology.
The filing also details the company's business strategy, financial position, and risk factors associated with its operations and the search for 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 VMCAF annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.