Mon, Jul 22, 8:17 PM (47 days ago)
Chenghe Acquisition II Co. is a blank check company incorporated on January 15, 2024, with the objective of effecting a business combination. As of March 31, 2024, the company had not commenced operations and reported a net loss of $96,056, primarily due to formation and operating costs. The company completed its IPO on June 10, 2024, raising $86.25 million by selling 8,625,000 units at $10 per unit, including the full exercise of the over-allotment option. Additionally, it raised $3.1 million through the sale of 310,000 private placement units. The total proceeds of $86.25 million were placed in a trust account. Transaction costs amounted to $5.61 million, including underwriting fees and other offering costs. As of June 10, 2024, the company had $809,041 in cash held outside the trust account for working capital purposes, resulting in net current assets of $848,786. The company plans to use the funds in the trust account for its initial business combination and does not anticipate needing additional funds for operating expenses. However, uncertainties such as geopolitical tensions and market volatility could impact the company's ability to complete a business combination.