YHN Acquisition I Ltd, a special purpose acquisition company (SPAC) incorporated in the British Virgin Islands, reported a net income of $502,638 for the fiscal year ending December 31, 2024. This figure reflects a significant increase from a net loss of $3,680 recorded during the period from inception on December 18, 2023, to December 31, 2023. The company generated gross proceeds of $60 million from its initial public offering (IPO) on September 19, 2024, by selling 6 million units at $10 each, alongside an additional $2.5 million from a private placement of 250,000 units. The total cash held in trust as of the end of 2024 was $60.3 million, which is earmarked for future business combinations.
In terms of operational developments, YHN Acquisition I Ltd has not yet identified a specific target for its initial business combination. However, the company has entered into a letter of intent with Mingde Technology Limited and Zhejiang Xiaojianren Internet Technology Co., Ltd, aiming for a business combination valued at $396 million. This agreement is contingent upon a corporate reorganization and the execution of a definitive agreement, which the parties are working to finalize within a 90-day exclusivity period.
The company’s management team, led by CEO Satoshi Tominaga and CFO Yangyujia An, brings extensive experience in investment and SPAC operations, which they believe will enhance their ability to identify and secure a suitable target business. As of December 31, 2024, YHN Acquisition I Ltd had two executive officers and no full-time employees, with operational activities primarily focused on evaluating potential acquisition candidates. The company has also established a network of contacts in Asia and the United States to facilitate its search for target businesses.
Looking ahead, YHN Acquisition I Ltd has until December 18, 2025, to complete its initial business combination. If the company fails to do so, it will liquidate and redeem public shares for a pro-rata share of the funds held in the trust account. The company has acknowledged the risks associated with its business model, including potential competition from other SPACs and the challenges of identifying a suitable target business within the specified timeframe. The management remains optimistic about leveraging their expertise and network to achieve a successful business combination.
About YHN Acquisition I Ltd
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.