Cayson Acquisition Corp Reports Financial Performance for Fiscal Year Ending December 31, 2024

Cayson Acquisition Corp, a blank check company incorporated in the Cayman Islands, has reported its financial performance for the fiscal year ending December 31, 2024, in its 10-K filing. The company generated a net income of $475,489, primarily from interest earned on investments held in a trust account, which amounted to $752,079. This income was offset by operating costs of $281,186. Cayson has not yet engaged in any revenue-generating operations, as it is focused on identifying and evaluating potential business combination targets.

The company successfully completed its initial public offering (IPO) on September 23, 2024, raising gross proceeds of $60 million from the sale of 6 million units at $10 each. Additionally, a private placement of 230,000 units generated $2.3 million. Following these transactions, Cayson placed the entirety of the IPO proceeds into a trust account, which is intended to be used for its initial business combination. The company incurred transaction costs totaling $3,722,528 related to the IPO, which included underwriting fees and other offering costs.

Cayson has not yet identified a specific target for its business combination but intends to focus on opportunities in Asia, while remaining open to other industries and geographic regions. The company has emphasized that it will not pursue targets that operate under a variable interest entity (VIE) structure in China, which could limit its pool of potential candidates. As of December 31, 2024, Cayson had a cash balance of $465,254 outside the trust account, which it plans to use for operational expenses and due diligence related to potential acquisitions.

Looking ahead, Cayson has until September 23, 2025, to complete its initial business combination, with the possibility of extending this deadline to June 23, 2026. The company has acknowledged the risks associated with its search for a target, including competition from other special purpose acquisition companies and potential regulatory hurdles in China. Cayson has also indicated that it may need to seek additional financing to complete a business combination if the cash available in the trust account is insufficient.

In terms of governance, Cayson has a board of directors that includes members with significant ties to China, which may influence its ability to attract non-China-based targets. The company has also noted that its operations and financial results could be affected by changes in PRC laws and regulations, particularly those related to foreign investment and cybersecurity. As it moves forward, Cayson will need to navigate these complexities while working to identify a suitable business combination that aligns with its strategic objectives.