Fri, Mar 28, 8:05 PM (29 days ago)
**Aimei Health Technology Co., Ltd. (AFJK) - Summary** **Financial Performance:** - **Revenue:** No revenue generated as of December 31, 2024. - **Net Income:** $2,552,215 for the year ended December 31, 2024, primarily from interest income on investments held in the Trust Account. - **Operating Expenses:** $1,064,786 for the year ended December 31, 2024, mainly formation and operational costs. **Earnings Per Share (EPS):** - **Basic and Diluted EPS:** $0.28 for ordinary shares subject to possible redemption and $0.28 for ordinary shares not subject to possible redemption. **Strategic Overview:** - **Business Model:** A blank check company (SPAC) focused on healthcare innovation, targeting small cap companies in biopharmaceuticals, medical technology, and diagnostics. - **Initial Public Offering (IPO):** Raised $69,000,000 from the sale of 6,900,000 units, with $69,690,000 placed in a Trust Account. **Future Outlook:** - **Business Combination:** Proposed merger with United Hydrogen Group Inc., subject to shareholder approval and regulatory conditions. - **Deadline Extension:** Extended the deadline to consummate a business combination to April 6, 2025, with further extensions possible. **Risk Factors:** - **Market Position:** Faces competition from other SPACs and private equity firms. - **Financial Condition:** Dependent on completing a business combination within the prescribed time frame to avoid liquidation. - **Operational Risks:** Limited revenue and reliance on interest income from the Trust Account. **Market Position Changes:** - **Shareholder Matters:** 6,121,733 ordinary shares issued and outstanding as of March 28, 2025. - **Dividend Policy:** No dividends paid to date and none anticipated in the foreseeable future. **Key Financial Metrics (as of December 31, 2024):** - **Cash and Cash Equivalents:** $28,208 in operating bank account, $73,784,549 in Trust Account. - **Working Capital Deficit:** Approximately $786,610. - **Liabilities:** $1,506,994 in total liabilities, including deferred underwriter fees and related party loans. **Governance and Management:** - **Board of Directors:** Includes Junheng Xie (CEO), Heung Ming Wong (CFO), Lin Bao, Julianne Huh, and Robin H. Karlsen. - **Compensation:** No compensation paid to officers and directors prior to or in connection with the initial business combination. **Shareholder Information:** - **Major Shareholders:** Aimei Investment Ltd (31.1%), First Trust Merger Arbitrage Fund (10.6%), First Trust Capital Management L.P. (11.8%), Wolverine Asset Management, LLC (10.7%), Karpus Investment Management (18.0%). **Financial Condition:** - **Liquidity:** Sufficient working capital and borrowing capacity to meet anticipated cash needs prior to the initial business combination. - **Going Concern:** Substantial doubt about the ability to continue as a going concern if a business combination is not completed within the prescribed time frame. **Risk Factors:** - **Competition:** Intense competition from other SPACs and private equity firms. - **Market Risks:** Dependent on completing a business combination within the prescribed time frame to avoid liquidation. - **Operational Risks:** Limited revenue and reliance on interest income from the Trust Account. **Disclosure and Controls:** - **Disclosure Controls:** Not effective as of December 31, 2024, due to material weaknesses in internal controls. - **Internal Controls:** Not effective as of December 31, 2024, due to inadequate segregation of duties and insufficient written policies and procedures. **Future Outlook:** - **Business Combination:** Proposed merger with United Hydrogen Group Inc., subject to shareholder approval and regulatory conditions. - **Deadline Extension:** Extended the deadline to consummate a business combination to April 6, 2025, with further extensions possible. **Ticker:** AFJK **Note:** Amounts are usually in thousands, 000s.