Overview of the Company’s Financial Performance

Nova Vision Acquisition Corp. is a blank check company formed in 2021 for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with one or more businesses. The company has not generated any revenue since its inception and has incurred losses from formation costs and other expenses.

The key financial highlights are:

• On August 10, 2021, the company completed its initial public offering, raising $57.5 million in gross proceeds.
• For the nine months ended September 30, 2024, the company had a net loss of $64,590.
• For the nine months ended September 30, 2023, the company had net income of $80,081.
• As of September 30, 2024, the company had $18,488 in cash outside its trust account and a working capital deficit of $3,362,330.
• The company has issued various promissory notes to its sponsor to extend the deadline to complete a business combination, which is currently set for December 10, 2024.

Revenue and Profit Trends

Since Nova Vision Acquisition Corp. is a blank check company, it has not generated any revenue to date. The company’s financial performance has been driven by its operating expenses, primarily consisting of general and administrative costs.

The company reported a net loss of $64,590 for the nine months ended September 30, 2024, compared to net income of $80,081 for the nine months ended September 30, 2023. This swing from profitability to a loss was likely due to increased expenses as the company gets closer to securing a deal to merge with a target business.

Strengths and Weaknesses

Strengths:

• The company successfully completed its $57.5 million initial public offering, providing it with a significant amount of capital to pursue a business combination.
• The company has extended its deadline to complete a business combination multiple times, giving it more time to find a suitable target.
• The company’s management team has experience in identifying and evaluating potential acquisition targets.

Weaknesses:

• The company has not yet identified a target business to merge with, which creates uncertainty about its future prospects.
• The company has incurred significant losses since its inception, which could make it difficult to attract potential merger partners.
• The company’s working capital deficit of over $3.3 million could limit its ability to fund operations and due diligence activities.

Outlook and Future Prospects

The company’s ability to successfully complete a business combination is critical to its future prospects. If the company is unable to find a suitable target and complete a merger by December 10, 2024 (or a later extended deadline), it will be required to liquidate.

Management has indicated that it is actively seeking a target business to merge with, but there is no guarantee that it will be able to do so. The company’s future success will depend on its ability to identify and negotiate a favorable deal with a target company, as well as its ability to integrate and operate the combined business effectively.

Overall, Nova Vision Acquisition Corp. faces significant challenges in the months ahead as it works to complete a business combination. While the company has a substantial amount of capital to deploy, its lack of revenue and ongoing losses could make it difficult to attract potential merger partners. Investors will need to closely monitor the company’s progress in the coming months to assess its long-term viability.