Company Overview Summary

Business Purpose

• Type: Blank check company (Special Purpose Acquisition Company - SPAC)
• Founded: July 24, 2019
• Location: McLean, Virginia
• Main Activity: Effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other business combination with one or more target businesses (initial Business Combination)

Initial Public Offering (IPO)

• Date: September 22, 2022
• Units Issued: 8,000,000 units at $10.00 each
• Gross Proceeds from IPO: $80,000,000
• Additional Units (Over-Allotment): 1,200,000 Units at $10.00 each, total gross proceeds approximately $12,000,000
• Private Placements:
  • 456,225 units at $10.00 each to Sponsor, total $4,562,250
  • 42,000 units at $10.00 each to Sponsor, total $420,000
• Trust Account: Approximately $94,300,000 (from IPO and private placements) deposited for potential business combination, invested in U.S. government securities or money market funds
• Current Status of Securities:
  • Units, shares, warrants, and rights are traded on OTC Market (post delisting from Nasdaq)
  • No revenue or operating income generated to date

Operations & Revenue

• No Operating Activities: Has not commenced any operations as of December 31, 2024
• Revenue: None reported
• Non-Operating Income: Interest income on trust securities:
  • 2024: $1,722,436
  • 2023: $3,942,920
• Net Income / Loss:
  • 2024: Loss of $768,551
  • 2023: Income of $1,044,077

Business Focus & Strategy

• Target Industries: High-growth, disruptive technology, and technology-enabled companies that are often overlooked by traditional investors
• Unique Approach: Uses SPAC structure as a disruptive and efficient alternative to traditional IPOs, aiming to access proprietary business opportunities
• Management Team:
  • CEO: Anthony Ang (over 40 years experience, involved in investment promotion, real estate, and fund management)
  • COO: Nicholas Khoo (over 20 years overall experience in technology, gaming, fintech, real estate, consulting)
  • CFO: Shan Cui (over 20 years financial management, consulting, audit)
  • Board Members include: Executives with backgrounds in finance, real estate, investment management, energy, tech, and international relations
• Employees: 3 executive officers, no full-time employees prior to business combination
• Customer Base: No customers or revenue streams yet; activity has been limited to organizational, legal, and administrative activities

Other Details

• No current operations or revenues
• Pending Business Combination: Targeted companies primarily in disrupted high-growth sectors; ongoing negotiations and regulatory approvals
• No significant ongoing business or operational metrics such as customers or revenue
• Financials as of December 31, 2024:
  • Total assets: ~$4.89 million
  • Total liabilities: ~$8.71 million
  • Stockholders' deficit: ~$8.24 million
  • Cash and equivalents: $510,939
  • No operating revenue; net loss of $768,551 in 2024