GSR III Acquisition Corp., a blank check company incorporated in May 2023, reported its financial performance for the fiscal year ending December 31, 2024, in its recent 10-K filing. The company completed its Initial Public Offering (IPO) on November 8, 2024, raising gross proceeds of $230 million from the sale of 23 million units, including an over-allotment option. Additionally, GSR raised $4.225 million through a private placement of 422,500 units. As of December 31, 2024, the company had $1.787 million in cash held outside of its trust account, which is designated for working capital purposes.
In terms of operational performance, GSR reported a net income of $949,295 for the year, primarily derived from non-operating income earned on the trust account. This figure contrasts with a net loss of $16,498 reported for the period from inception through December 31, 2023, indicating a significant shift in financial performance following the IPO. The company has not yet commenced operations and will not generate operating revenues until after completing its initial business combination.
GSR's strategic focus is on identifying and acquiring a target business, with an emphasis on sectors such as technology, manufacturing, and companies addressing environmental, social, and governance (ESG) issues. The company has outlined criteria for potential acquisitions, including financial stability, market position, and management quality. As of the filing date, GSR had not yet identified a target business but is actively searching for suitable candidates.
The company has also entered into an administrative support agreement with its sponsor, GSR Sponsor LLC, which entails monthly payments of up to $55,556 for office space and administrative services. As of December 31, 2024, GSR incurred $111,112 in fees under this agreement. Furthermore, GSR has a promissory note with its sponsor for up to $300,000, of which $132,984 was borrowed to cover offering costs.
Looking ahead, GSR faces a deadline to complete its initial business combination by May 6, 2026, with a potential extension to August 7, 2026, subject to shareholder approval. If the company fails to complete a business combination within this timeframe, it will be required to liquidate and return funds to shareholders. The management team has expressed confidence in their ability to identify a suitable target and complete the acquisition, although they acknowledge the inherent risks and uncertainties associated with the process.
About GSR III Acquisition Corp.
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