A SPAC III ACQUISITION CORP. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
A SPAC III ACQUISITION CORP. FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025
A SPAC III Acquisition Corp. (ASPC) filed its quarterly report for the period ended March 31, 2025. The company reported a net loss of $1.4 million for the quarter, compared to a net loss of $1.1 million for the same period in 2024. As of March 31, 2025, ASPC had cash and cash equivalents of $14.4 million, compared to $15.6 million as of December 31, 2024. The company’s total assets decreased to $16.4 million as of March 31, 2025, from $17.4 million as of December 31, 2024. ASPC’s Class A ordinary shares, including shares underlying the units, and Class B ordinary shares were issued and outstanding as of May 9, 2025. The company did not have any revenue for the quarter, and its expenses primarily consisted of general and administrative expenses.
Overview
We are a blank check company formed in 2021 for the purpose of merging with or acquiring one or more businesses. We have not engaged in any operations or generated any revenue to date. Our activities have been focused on preparing for and completing our initial public offering (IPO), which raised $60 million in gross proceeds.
Recent Developments
In December 2024, we entered into an agreement with HD Group, a Chinese education services platform, to acquire the company for $300 million in stock. In January 2025, we also agreed to acquire Bioserica, a bio-based antimicrobial materials company, for $200 million in stock. Both of these proposed acquisitions remain subject to the execution of definitive agreements.
Results of Operations
For the three months ended March 31, 2025, we reported net income of $413,202, which consisted of $647,080 in interest income partially offset by $233,878 in general and administrative expenses. We did not incur any expenses in the prior year period.
Liquidity and Capital Resources
As of March 31, 2025, we had $1,119,610 in cash on hand and working capital of $982,030. The funds from our IPO, including the over-allotment option, are being held in a trust account and will be used to complete a business combination.
We may need to obtain additional financing, either through working capital loans or by issuing debt or equity securities, in order to complete a business combination. There is substantial doubt about our ability to continue as a going concern if we are unable to complete a business combination within the required timeframe.
Off-Balance Sheet Arrangements and Contractual Obligations
We do not have any off-balance sheet arrangements or long-term contractual obligations. We have entered into a registration rights agreement and an underwriting agreement related to our IPO.
Critical Accounting Policies
Our critical accounting policies include the classification of our Class A ordinary shares as temporary equity and the calculation of net income (loss) per share. We have also adopted recent accounting standards related to segment reporting and income tax disclosures.
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