Fri, Sep 13, 10:04 AM (99 days ago)
AA Mission Acquisition Corp. reported its quarterly results for the period ending March 31, 2024, following its IPO on August 2, 2024. The company generated gross proceeds of $300,000,000 from the sale of 30 million Units at $10.00 each, alongside $7,590,000 from a private placement. As of March 31, 2024, total assets were $274,937, with current liabilities of $256,587, resulting in a working capital deficit of $214,437. The company incurred a net loss of $6,650, primarily from formation and operational costs, with no revenues generated yet. Cash flow remains constrained, with no cash or cash equivalents reported. The company has significant transaction costs and anticipates increased expenses as it searches for a business combination target. Risks include uncertainties in market conditions and the potential inability to complete a business combination within the designated timeframe. The company is classified as an emerging growth entity, allowing for certain reporting exemptions. The financial health reflects a nascent stage as it prepares for future operations and potential acquisitions.