10-Q - Oak Woods Acquisition Corp (0001945422) (Filer)

Thu, Nov 14, 10:13 PM (59 days ago)

**Oak Woods Acquisition Corporation (OAKU) - Q3 2024 Summary** For Q3 2024, Oak Woods Acquisition Corporation reported a net income of $335,717, down from $515,336 in Q3 2023. Revenue primarily stemmed from interest income of $809,583 on trust account investments. Operating expenses surged to $473,505, reflecting increased costs associated with public company operations. The company had a working capital deficit of $3,231,180 as of September 30, 2024, with cash holdings at $90,868. The balance sheet showed total assets of $64,020,697, including $16,541,342 in liabilities related to Class A ordinary shares subject to redemption. A significant event was the redemption of 1,492,646 Class A shares at $11.08 per share, impacting the cash held in the trust account. The company is currently pursuing a merger with Huajin (China) Holdings Limited, with extensions granted to finalize the business combination until March 2025. However, uncertainties surrounding the merger completion raise concerns about the company's future operations and ability to continue as a going concern. The financial statements reflect these uncertainties, emphasizing the need for additional funding to cover operational costs and potential transaction expenses.