Aquaron Acquisition Corp. is a blank check company focused on mergers in the new energy sector, with an IPO completed in 2022 and a net loss reported in 2024.

# Company Overview: Aquaron Acquisition Corp.

## Business Model
Aquaron Acquisition Corp. is a **blank check company** formed with the goal of engaging in a merger, share exchange, asset acquisition, stock purchase, recapitalization, or similar business combination with one or more target businesses. While its search for target businesses is not confined to any specific industry, the company has a clear focus on **operating businesses within the new energy sector**.

### Key Details:
- **Formation Date:** March 11, 2021
- **Number of Employees:** 2 (current executive officers)
- **Number of Stockholders:** 7 as of December 31, 2024

## Financials
- **Initial Public Offering (IPO):**
  - Date: October 6, 2022
  - Units Offered: 5,000,000 Units at $10.00 per unit
  - Gross Proceeds: $50,000,000
- **Private Placement:**
  - Units Sold: 256,250 Units to the Sponsor at $10.00 each
  - Gross Proceeds: $2,562,500
- **Over-Allotment Option:**
  - Additional Units: 417,180 Units sold at $10.00 per unit, generating $4,171,800 in gross proceeds
- **Total Funds in Trust Account (as of December 31, 2024):** $9,255,615

## Revenue and Income
- **Total Revenue:**
  - As of now, Aquaron Acquisition Corp. has not generated any operating revenue since its inception; its financial activity revolves around the IPO and preparatory steps for identifying target businesses.
- **Net Loss:**
  - For the year ended December 31, 2024: **$357,114**
  - For the year ended December 31, 2023: **$997,917 (net income)**

### Financial Position
- **Cash Position (as of December 31, 2024):** $7,830
- **Working Capital Deficit (as of December 31, 2024):** $2,886,242
- **Accretion of Common Stock to Redemption Value (2024):** $472,226

## Target Business Characteristics
Aquaron specifically excludes potential merger candidates from its search that:
- Have financial statements audited by firms that cannot be inspected by the PCAOB for two consecutive years beginning in 2021.
- Operate in China through a variable interest entity (VIE) structure.

Thus, the specific characteristics of the businesses that Aquaron seeks to acquire are essential for its business plan, adding a layer of scrutiny and operational focus.

## Governance and Management
- **Chief Executive Officer:** Yi Zhou
- **Chief Financial Officer:** Qingze Zhao
- **Independent Directors:** 3
- **Committee Structure:**
  - Audit Committee
  - Nominating Committee
  - Compensation Committee

### Related Party Transactions
- Aquaron has secured loans totaling **$849,626** from its Sponsor and other affiliates. These loans assist in covering operational costs and upcoming business combination expenses.

## Summary
Aquaron Acquisition Corp. is focused on strategically identifying target businesses in the new energy sector for potential mergers. As a company with a structure based on substantial financial backing from its IPO, it is positioned to leverage its financial resources while simultaneously adhering to strict compliance standards related to its operational and financial reporting. Despite the absence of current revenue, its structured approach towards acquiring businesses appears focused and calculated amidst a challenging investment landscape marked by rapid changes in market conditions.

Aquaron Acquisition Corp. is a blank check company focused on executing business combinations in the new energy sector.

# Aquaron Acquisition Corp.

## General information
- Type: Blank check company  
- Industry focus: New energy sector  
- Formation purpose: To execute a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses.

## Initial public offering (IPO)
- Date: October 6, 2022  
- Units offered: 5,000,000 units at $10.00 per unit  
- Gross proceeds: $50,000,000 from the IPO and an additional $4,170,000 from over-allotment options

## Private placement
- Units sold: 256,250 private units to the sponsor at $10.00 per unit  
- Gross proceeds: $2,562,500

## Trust account
- Total deposited amount: $54,984,377  
- Purpose: Funds held in trust and released only upon completion of a business combination or shareholder redemption

## Unique restrictions
- Will not target companies with financial statements not audited by firms subject to PCAOB inspection  
- Excludes targets operating in China through a variable interest entity (VIE) structure

## Financial information
- Funding mechanism: Uses proceeds from the IPO and private placements to finance business combinations  
- Trust account utilization: Proceeds in the trust account are restricted for business combination costs and shareholder redemptions

## Employees and management
- Employees: Two executive officers (CEO and CFO)  
- Management experience: Team members have backgrounds in corporate strategy, investment management, and operations, with experience in the U.S. and Asia

## Target business and growth strategy
- Target sector: Operating businesses in the new energy sector  
- Acquisition strategy:
  - Prefer companies with a defensible market position, revenue visibility, and growth potential  
  - Target deal sizes typically in the $150 million to $300 million range  
  - Focus on industries that are not heavily regulated and on companies that may benefit from additional management expertise

## Regulatory and competitive environment
- Regulatory compliance: Must address U.S. regulatory requirements, including CFIUS reviews, due to foreign ownership considerations  
- Competition: Competes with other SPACs, private equity firms, and strategic buyers for suitable acquisition targets

Aquaron Acquisition Corp.

10-K / April 16, 2025

10-K / May 3, 2024

10-K / April 16, 2025

Company Overview: Aquaron Acquisition Corp.

Business Model

Key Details:

Financials

Revenue and Income

Financial Position

Target Business Characteristics

Governance and Management

Related Party Transactions

Summary