Centurion Acquisition Corp., a blank check company incorporated in the Cayman Islands, reported a net income of $7.8 million for the fiscal year ending December 31, 2024, primarily driven by interest income from marketable securities held in its Trust Account. The company generated this income from $8.3 million in interest on cash and marketable securities, offset by operating costs of approximately $467,000. The company has not yet engaged in any operations or generated revenue from business activities, as it was formed to pursue a merger or acquisition with a target business.
The company successfully completed its Initial Public Offering (IPO) on June 12, 2024, raising gross proceeds of $287.5 million from the sale of 28.75 million units, which included the full exercise of an over-allotment option. Following the IPO, the company placed the proceeds into a Trust Account, which as of December 31, 2024, held approximately $295.8 million in cash and U.S. Treasury securities. The company incurred total IPO-related costs of $19.5 million, including underwriting fees and other expenses.
As of the end of 2024, Centurion Acquisition Corp. had 35,937,500 ordinary shares outstanding, comprising 28,750,000 Class A Ordinary Shares and 7,187,500 Class B Ordinary Shares. The Class A shares are subject to redemption at a value of $10.29 per share, reflecting the company's commitment to return funds to shareholders if it fails to complete a business combination within the designated timeframe. The company has until June 12, 2026, to finalize its initial business combination, or it will be required to liquidate and return funds to shareholders.
The management team, led by CEO Mark Gerhard, COO Riaan Hodgson, and President David Gomberg, has extensive experience in technology and digital sectors, which they plan to leverage in identifying potential acquisition targets. The company has not yet selected a specific target but is exploring opportunities across various industries. The management team has indicated that they may need to seek additional financing to complete a business combination, depending on the cash requirements of the target business and the number of shares redeemed by public shareholders.
Looking ahead, Centurion Acquisition Corp. aims to capitalize on the fragmented digital technology market, focusing on companies with strong growth potential. The management team is committed to identifying a suitable target and completing a business combination within the specified timeframe, although they acknowledge the challenges posed by market conditions and competition from other special purpose acquisition companies.
About Centurion Acquisition Corp.
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