Bleichroeder Acquisition Corp. I Reports $47,447 Net Loss and Completes $250M IPO

Bleichroeder Acquisition Corp. I, a blank check company incorporated in the Cayman Islands, reported a net loss of $47,447 for the three months ended September 30, 2024, and a cumulative net loss of $77,427 since its inception on June 24, 2024. The losses primarily stemmed from formation and operational costs, which totaled $47,447 for the quarter and $77,427 for the period since inception. The company has not yet generated any revenue, as it has not commenced operations or identified a specific target for its initial business combination.

In terms of financial position, Bleichroeder Acquisition Corp. I had no cash on hand as of September 30, 2024, and reported a working capital deficit of $346,463. The company has incurred total transaction costs of $11,403,592 related to its initial public offering (IPO), which was completed on November 4, 2024. The IPO raised gross proceeds of $250 million from the sale of 25 million units at $10.00 each, with an additional $4.25 million raised from a private placement of 425,000 units to its sponsor. The funds from the IPO are held in a trust account, which will be utilized for the business combination.

Significant changes compared to the previous fiscal period include the completion of the IPO, which allowed the company to secure substantial capital for future operations. The company has not yet made any acquisitions or launched new products, as it is still in the process of identifying a suitable target for its business combination. The company’s management has indicated a focus on sectors undergoing technological transformation, particularly in technology, media, and telecommunications.

As of the end of the reporting period, Bleichroeder Acquisition Corp. I had 9,583,333 Class B ordinary shares issued and outstanding, held primarily by its sponsor. The company has not yet reported any customer counts or user statistics, as it has not commenced operations. The management team is currently evaluating potential business combinations and intends to use the funds raised to cover due diligence and operational costs associated with identifying and negotiating with target businesses.

Looking ahead, the company has expressed uncertainty regarding its ability to complete a business combination within the required timeframe. The management team is aware of potential market risks, including geopolitical instability and economic volatility, which could impact their search for a target. The company has indicated that it does not anticipate needing to raise additional funds for operational expenditures but acknowledges that unforeseen costs could arise during the business combination process.