Thu, Mar 6, 11:20 AM (51 days ago)
**JVSPAC Acquisition Corp. (Ticker: JVSA)** reported its financial results for the fiscal year ending December 31, 2024. The company generated $2,002,561 in net income, primarily from $2,770,176 in interest income from its trust account, despite incurring operating expenses of $806,106. The company completed its IPO on January 23, 2024, raising gross proceeds of $57,500,000 from 5,750,000 units, which were placed into a trust account. As of December 31, 2024, total assets amounted to $61,133,738, with $60,270,176 held in the trust account. Strategically, JVSPAC is pursuing a merger with Hotel101 Global and Hotel of Asia, with a total consideration of $2.3 billion in stock, subject to regulatory approvals and market conditions. The company faces risks associated with the completion of this business combination, including potential delays or inability to raise necessary capital. As of December 31, 2024, the company has raised concerns about its ability to continue as a going concern, given its liquidity status, with cash reserves of only $809,301. The merger agreement has been amended to extend the deadline for completion to April 23, 2025, following a $2 million deposit from Hotel101 Global to cover operational expenses. Overall, the company is navigating significant operational and market risks while seeking to finalize its merger.