Thu, Nov 14, 9:39 PM (29 days ago)
Bowen Acquisition Corp (BOWN) reported its Q3 2024 financial results, highlighting a net income of $825,358, driven by interest income of $952,787 from its Trust Account, despite operating losses of $127,429. For the nine months ending September 30, 2024, net income reached $2,428,474. As of September 30, 2024, cash stood at $271,847, with total assets of $74,534,486, primarily from investments in the Trust Account, which totaled $74,237,487. The company’s liabilities were minimal at $284,120, with a working capital of $12,879, raising concerns about its ability to continue as a going concern if it fails to complete a business combination by January 2025. The company has incurred significant costs associated with its IPO and ongoing operations. Bowen plans to utilize funds from its IPO and private placements to pursue a business combination, with no specific target identified yet. The report indicates potential uncertainties in future operations and emphasizes the need for strategic financial management as it navigates its next steps.