A SPAC II Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, classified as a shell entity, has not commenced operations since its incorporation on June 28, 2021, and continues to focus on completing a business combination.
As of September 30, 2024, total current assets decreased to $93,002 from $476,636 at the end of 2023. Cash reserves also fell sharply to $72,752, down from $442,147. Investments held in the Trust Account saw a substantial decline, dropping to $4,433,981 from $21,895,685. Total assets were reported at $4,526,983, a significant decrease from $22,372,321 at the end of the previous fiscal year. The accumulated deficit increased to $(7,168,214) from $(6,680,718).
For the three months ended September 30, 2024, the company reported a net loss of $(64,743), a stark contrast to the net income of $997,013 for the same period in 2023. General and administrative expenses decreased to $195,662 from $291,401 year-over-year, while interest income fell to $130,919 from $1,288,414. For the nine months ended September 30, 2024, net income was $215,882, down from $5,270,578 in the prior year.
The company experienced significant shareholder redemptions, with 1,608,417 Class A ordinary shares redeemed for $18,165,082 during the 2024 Extraordinary General Meeting. This left approximately $4.38 million in the Trust Account. The company has until August 5, 2025, to complete a business combination, having received extensions from shareholders on multiple occasions.
In terms of compliance, A SPAC II Acquisition Corp. received a delisting letter from Nasdaq on September 13, 2024, for failing to meet the minimum requirement of 400 total shareholders. Trading in the company’s securities was suspended on September 24, 2024, and they are now quoted on OTC markets. The management has expressed substantial doubt about the company's ability to continue as a going concern due to its financial condition and the uncertainty surrounding the completion of a business combination.
The company’s financial statements reflect no long-term debt or off-balance sheet financing arrangements. The management is currently assessing the impact of recent regulatory changes and geopolitical events on its operations and business combination efforts.
About ASPAC II Acquisition Corp.
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