Vine Hill Capital Investment Corp. Reports Financial Performance for Fiscal Year Ending December 31, 2024

Vine Hill Capital Investment Corp., a blank check company incorporated in the Cayman Islands, has reported its financial performance for the fiscal year ending December 31, 2024, following its initial public offering (IPO) in September 2024. The company successfully raised $220 million by selling 22 million units at $10 each, which included a partial exercise of the underwriters' over-allotment option. Additionally, it completed a private placement of 5.5 million warrants for $5.5 million. As of the end of 2024, the company had approximately $1.1 million in cash and cash equivalents, with total working capital of about $1.2 million, excluding deferred compensation.

Since its inception on May 24, 2024, Vine Hill has not generated any revenue, as its activities have been limited to organizational efforts and preparations for the IPO. The company incurred approximately $1.4 million in operating expenses, primarily related to professional fees, administrative costs, and compensation for its executive team. Other income for the period included around $3.2 million in interest income from the trust account, which is expected to be used for the initial business combination.

Strategically, Vine Hill Capital is focused on identifying and acquiring businesses in the industrial and services sectors, with an enterprise value target of $500 million to $1 billion. The company has not yet selected a specific target but has engaged in extensive research to identify potential candidates. The management team, led by CEO Nicholas Petruska, has significant experience in SPAC transactions, having been involved in 12 previous business combinations with a total enterprise value of $34.4 billion.

The company has established a trust account with Continental Stock Transfer & Trust Company, where the IPO proceeds are held until the completion of the initial business combination or the redemption of public shares. Vine Hill has a completion window of 21 months from the IPO closing date to finalize a business combination. If it fails to do so, it will liquidate and return the funds to shareholders, who may receive approximately $10.05 per share, subject to any claims against the trust account.

Looking ahead, Vine Hill Capital acknowledges the challenges posed by current market conditions, including geopolitical tensions and inflation, which could impact its ability to identify and complete a business combination. The company remains committed to leveraging its management team's extensive network and experience to navigate these challenges and successfully execute its acquisition strategy.