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YHN Acquisition I Limited (YHNA-0.10%) 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 in the British Virgin Islands, with the purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
The company completed its Initial Public Offering (IPO) on September 19, 2024, raising $60,000,000 through the sale of 6,000,000 units at $10.00 per unit. Each unit consists of one ordinary share and one right to receive one-tenth of an ordinary share upon the consummation of an initial business combination.
Simultaneously with the IPO, YHN Acquisition I Limited completed a private placement of 250,000 units at $10.00 per unit, generating an additional $2,500,000.
As of December 31, 2024, the company reported cash and marketable securities held in trust of $61,089,076. The funds are intended for use in a business combination.
The company has until December 18, 2025, to complete a business combination. If unsuccessful, it will cease operations, redeem public shares, and liquidate.
YHN Acquisition I Limited has entered into a letter of intent with Mingde Technology Limited and Zhejiang Xiaojianren Internet Technology Co., Ltd for a potential business combination based on an equity valuation of $396 million.
The company is an emerging growth company and has elected to take advantage of certain exemptions from various reporting requirements under the JOBS Act.
The filing outlines potential conflicts of interest due to the company's officers and directors having fiduciary obligations to other entities. The company has implemented measures to address these conflicts.
The company reported a net income of $502,638 for the year ended December 31, 2024, primarily due to dividend and interest income from investments held in trust.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the YHN Acquisition I Limited annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.