Fri, Dec 20, 9:01 PM (28 days ago)
A SPAC III Acquisition Corp. (ASPC), a blank check company, filed its Form 10-Q for the quarter ending September 30, 2024. The company reported a net loss of $38,778 for Q3 and $46,778 year-to-date, primarily due to administrative expenses. As of September 30, 2024, ASPC had total assets of $82,250, with a working capital deficit of $269,603, primarily driven by accrued expenses and a promissory note of $244,603 to its sponsor. The company has not commenced operations and plans to pursue a business combination in the Environmental, Sustainability, and Governance (ESG) sector. On November 12, 2024, ASPC completed its IPO, raising $55,000,000 from the sale of 5,500,000 units at $10.00 each, with an additional $5,000,000 from an over-allotment option exercised on November 19, 2024. Funds from the IPO are held in a trust account and will be used for future business combinations. The company faces significant costs as a public entity and must complete a business combination within 12 months, extendable to 18 months. There are uncertainties regarding market conditions that may impact its operations and ability to consummate a business combination.