Thu, Dec 26, 1:03 PM (47 days ago)
Eureka Acquisition Corp (Ticker: EURK), a blank check company formed on June 13, 2023, completed its IPO on July 3, 2024, raising $50,000,000 by selling 5,000,000 units at $10.00 each. The IPO was followed by an over-allotment option that generated an additional $7,500,000. As of September 30, 2024, the company reported a net income of $255,721, primarily from interest income, offset by operating expenses of $354,066. The total assets amounted to $58,843,984, with $58,109,787 held in a Trust Account for future business combinations. Eureka's strategy focuses on identifying acquisition targets in Asia, particularly in China, despite potential regulatory and operational risks associated with such markets. The company has until July 3, 2025, to complete its initial business combination, extendable to January 3, 2026. However, management has indicated significant uncertainty regarding its ability to do so, raising concerns about its going concern status. The company currently has a working capital deficiency of $684,474, highlighting the need for further financing or successful acquisition to sustain operations.