Cayson Acquisition Corp Reports Financial Results for Three Months Ended September 30, 2024

Cayson Acquisition Corp, incorporated on May 27, 2024, is a blank check company focused on effecting a merger or similar business combination, primarily targeting businesses in Asia. The company completed its Initial Public Offering (IPO) on September 23, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60 million. Additionally, 230,000 private placement units were sold for $2.3 million. The total transaction costs associated with the IPO amounted to $3.72 million.

As of September 30, 2024, Cayson reported total assets of $60.84 million, with $60.06 million held in a Trust Account, primarily invested in U.S. government securities and money market funds. The company had a cash balance of $575,870 and total current assets of $690,510. Total current liabilities were $94,250, leading to a total liabilities figure of $2.19 million. The accumulated deficit stood at $(1.41 million), and total shareholders’ deficit was $(1.41 million).

For the three months ended September 30, 2024, Cayson recorded a net loss of $(31,278), with a cumulative net loss of $(91,197) since inception. The basic and diluted net loss per share for the three months was $(0.04), while the net income per share for redeemable shares was $0.07. The company reported cash used in operating activities of $(258,602) and cash used in investing activities of $(60 million), primarily related to the IPO proceeds.

Cayson has not commenced any operations and has no revenues to date, with all activities focused on organizational tasks and identifying a target for the initial business combination. The company has incurred significant costs related to its financing and acquisition plans, raising concerns about its ability to continue as a going concern. If a business combination is not completed within 12 months from the IPO closing, extendable to 21 months, the company may proceed to voluntary liquidation.

Management has indicated potential liquidity issues prior to the initial business combination, with plans to utilize funds held outside the Trust Account for operational expenses, including due diligence on prospective target businesses and administrative costs. The company may also seek loans from sponsors or affiliates to cover working capital deficiencies.