Aifeex Nexus Acquisition Corporation, formerly known as Shepherd Ave Capital Acquisition Corporation, reported a net loss of $85,311 for the period from its inception on May 31, 2024, through December 31, 2024. The loss was primarily attributed to formation and operating costs totaling $300,435 and stock-based compensation expenses of $53,754, partially offset by interest and dividend income of $268,878 earned on investments held in a trust account. The company has not generated any revenue to date, as its activities have been limited to organizational efforts and preparations for its initial public offering (IPO).
The company completed its IPO on December 6, 2024, raising gross proceeds of $86,250,000 from the sale of 8,625,000 units, which included an over-allotment option. Each unit consists of one Class A ordinary share and one right to receive one-fifth of a Class A ordinary share upon the completion of a business combination. Additionally, Aifeex Nexus raised $2,442,500 through a private placement of 244,250 units to its sponsor, Aitefund Sponsor LLC. The proceeds from both offerings have been placed in a trust account, which is intended to be used for future business combinations.
As of December 31, 2024, the company had cash of $533,006 outside the trust account and total assets of $86,518,878, primarily held in the trust account. The company has a working capital of $500,880, which it plans to use for identifying and evaluating potential target businesses. Aifeex Nexus has until March 6, 2026, to complete its initial business combination, with a possible extension to June 6, 2026, if certain conditions are met. If the company fails to complete a business combination by the deadline, it will liquidate and redeem public shares at a price of $10.00 per share.
The company currently has two executive officers, CEO William W. Snyder and CFO Jia Peng, and has not yet established a full-time employee base. The management team is focused on leveraging their experience to identify suitable acquisition targets across various industries and geographic locations. Aifeex Nexus is classified as an emerging growth company and has opted to take advantage of certain exemptions from various reporting requirements applicable to other public companies. The company has also disclosed a material weakness in its internal controls over financial reporting, which it plans to address as it continues its operations.
About AIFEEX NEXUS ACQUISITION CORP.
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