Voyager Acquisition Corp. Reports Significant Asset Growth Following IPO, Despite Initial Losses

As of June 30, 2024, Voyager Acquisition Corp. reported total assets of $392.4 thousand, a significant increase from $71.7 thousand at the end of the previous fiscal year on December 31, 2023. This growth is primarily attributed to the company's Initial Public Offering (IPO) completed on August 8, 2024, which generated gross proceeds of $253 million from the sale of 25.3 million units at $10.00 each. The IPO also included an over-allotment option fully exercised by underwriters, adding an additional 3 million units.

Despite the influx of capital, Voyager Acquisition Corp. reported a net loss of $52.0 thousand for the three months ended June 30, 2024, and a total net loss of $102.8 thousand for the six-month period. The losses were primarily due to general and administrative expenses related to the IPO, with no revenues generated to date as the company has only conducted organizational activities since its inception in December 2023.

The company’s current liabilities surged to $475.2 thousand as of June 30, 2024, compared to $76.7 thousand at the end of 2023, leading to a total shareholder’s deficit of $(82.8) thousand, up from $(5.0) thousand previously. The working capital deficit was reported at $450.2 thousand, although management indicated that they have access to funds from certain holders of Founder Shares to meet working capital needs for over a year.

In terms of share structure, Voyager Acquisition Corp. had 31.6 million shares of common stock issued and outstanding as of September 23, 2024. The company issued a total of 7.5 million Class B ordinary shares to the Sponsor, with 1.2 million shares forfeited on July 19, 2024, leaving 6.3 million shares outstanding as of June 30, 2024. The company has also authorized 1 million preference shares and 200 million Class A ordinary shares, with none issued as of the reporting date.

The net proceeds from the IPO and a concurrent private placement of 7.7 million units, which generated an additional $7.7 million, are intended primarily for a business combination. The company must complete a business combination with a fair market value of at least 80% of the net assets held in the trust account, excluding deferred underwriting commissions and taxes, within 18 months of the IPO, extendable to 24 months.

Overall, Voyager Acquisition Corp. is positioned for future growth through its IPO and strategic plans for a business combination, despite facing initial losses and a working capital deficit.