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Yotta Acquisition Corporation Warrant (YOTAW0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing indicates that Yotta is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.
Yotta's efforts to identify a target business are not limited to any particular industry or geographic region, although the company intends to focus on high technology, blockchain, software and hardware, ecommerce, social media, and other general business industries globally.
On April 22, 2022, Yotta completed its initial public offering of 10,000,000 units at a price of $10.00 per unit, generating gross proceeds of $100,000,000. Simultaneously, Yotta sold 313,500 units to its sponsor, Yotta Investment LLC, in a private placement.
The company has extended the deadline to complete a business combination several times, with the current deadline set for October 22, 2025, following shareholder approvals and additional deposits into the trust account.
Yotta has entered into a merger agreement with DRIVEiT Financial Auto Group, Inc., which will result in DRIVEiT becoming a wholly-owned subsidiary of Yotta. The business combination is expected to be consummated upon receiving the required approvals from stockholders and satisfying customary closing conditions.
The total consideration for DRIVEiT's security holders will be $100,000,000, payable in shares of common stock of Yotta, valued at $10 per share.
Yotta's board of directors has unanimously approved the merger agreement and resolved to recommend it to the stockholders.
The company has received notices from Nasdaq regarding non-compliance with certain listing rules, and has applied for a transfer to the Nasdaq Capital Market to address these issues.
Yotta reported a net income of $138,846 for the year ended December 31, 2024, compared to $1,429,419 for the previous year, with income primarily generated from interest income and other income related to merger-related transaction costs.
As of December 31, 2024, Yotta had cash of $194,779 and a working capital deficit of $4,310,282, with marketable securities held in the trust account amounting to $5,417,489.
The company acknowledges substantial doubt about its ability to continue as a going concern if it is unable to complete a business combination by the extended deadline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yotta Acquisition Corporation Warrant annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.