As of September 30, 2024, JVSPAC Acquisition Corp. reported significant financial developments following its Initial Public Offering (IPO) on January 23, 2024. The company has 6,248,750 Class A ordinary shares and 1,437,500 Class B ordinary shares outstanding. The total assets amounted to $60.5 million, with $59.6 million held in a Trust Account primarily invested in U.S. Treasury securities.
The company achieved a net income of $626,883 for the three months ended September 30, 2024, a notable recovery from a net loss of $48,928 in the same period of the previous year. For the nine months ended September 30, 2024, net income reached $1,399,026, compared to a net loss of $50,253 for the same period in 2023. This improvement is attributed to substantial interest income from the Trust Account, totaling $764,667 for the quarter and $2,079,851 for the nine months.
Operating and formation costs surged to $149,054 for the three months ended September 30, 2024, compared to $48,928 in the prior year, reflecting the company's increased activities post-IPO. The total operating costs for the nine months reached $709,844, up from $50,253 in the previous year.
The company’s total shareholders’ equity improved significantly, rising to $1.8 million as of September 30, 2024, from a deficit of $97,322 at the end of 2023. This change is primarily due to the successful IPO, which generated gross proceeds of $57.5 million from the sale of 5,750,000 units at $10.00 each.
Strategically, JVSPAC entered into a Merger Agreement on April 8, 2024, with Hotel101 Global Pte. Ltd. and Hotel of Asia, Inc., among others, with a total consideration of $2.3 billion to be paid entirely in stock. The agreement was amended on September 3, 2024, adjusting the share exchange terms. The company has until January 23, 2025, to complete this initial Business Combination, with provisions for extensions.
Despite these positive developments, management has expressed substantial doubt regarding the company's ability to continue as a going concern due to ongoing costs associated with being a public entity and the need for additional financing to complete the Business Combination. The company may need to issue more securities or incur debt to meet these obligations.
About JVSPAC Acquisition Corp.
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