AA Mission Acquisition Corp., incorporated on February 9, 2024, reported its financial performance in its recent 10-Q filing. The company completed its initial public offering (IPO) on August 2, 2024, offering 30,000,000 units at $10.00 per unit, which generated gross proceeds of $300 million. Additionally, the company executed a private placement of 759,000 units at the same price, yielding $7.59 million. An over-allotment option allowed for the sale of an additional 4,500,000 units, contributing another $45 million, while a private placement from this over-allotment generated $900,000 from 90,000 units.

As of March 31, 2024, AA Mission Acquisition Corp. reported a total shareholder’s equity of $18.35 million. The company has issued 8,625,000 Class B Ordinary Shares to its initial shareholders. The additional paid-in capital stood at $24.14 million, reflecting the funds raised through the IPO and private placements.

Despite these capital raises, the company reported an accumulated deficit of $(6.65 million) and a net loss for the period of $(6.65 million). This loss indicates that the company has not yet achieved profitability since its incorporation, which is common for newly established firms in the acquisition space.

The total transaction costs associated with the IPO and related activities amounted to $12.83 million. The company has a combination period of 18 months from the IPO closing, extendable up to 24 months, ending on August 2, 2026. This period is critical for the company as it seeks to identify and complete a business combination.

Overall, AA Mission Acquisition Corp. is in the early stages of its operations, focusing on leveraging the capital raised through its IPO and private placements to pursue strategic acquisitions while managing its initial losses.