Thu, Sep 12, 8:44 PM (99 days ago)
Aquaron Acquisition Corp., a SPAC, reported financial results for Q2 2024. The company aims to complete a business combination by October 6, 2024, and has signed a merger agreement with Huture Ltd., implying a $1 billion equity value. As of June 30, 2024, Aquaron had total assets of $9.2 million, primarily held in a trust account, and a working capital deficit of $1.98 million. Net income for the six months ended June 30, 2024, was $154,185, mainly due to interest income on trust investments. Operating expenses totaled $199,478. Significant stockholder redemptions have reduced the trust account funds, raising concerns about liquidity. To extend the merger deadline, the company raised funds through promissory notes from Bestpath and Huture. Aquaron faces uncertainties regarding its Nasdaq listing due to non-compliance with listing rules, which may impact future operations. Management has expressed substantial doubt about the company's ability to continue as a going concern if it fails to complete the merger by the deadline.