Based on the provided financial report articles, I generated the title for the article: "ATMC's 2024 Financial Report: A Comprehensive Overview of the Company's Performance and Financial Position" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I attempted to create a title that summarizes the main topic of the article.

Press release · 5d ago
Based on the provided financial report articles, I generated the title for the article: "ATMC's 2024 Financial Report: A Comprehensive Overview of the Company's Performance and Financial Position" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I attempted to create a title that summarizes the main topic of the article.

Based on the provided financial report articles, I generated the title for the article: "ATMC's 2024 Financial Report: A Comprehensive Overview of the Company's Performance and Financial Position" Please note that the title may not be exact, as the provided text does not contain a clear title. However, based on the content, I attempted to create a title that summarizes the main topic of the article.

Unfortunately, the provided text appears to be a financial report in a machine-readable format, but it lacks a clear and concise summary. However, I can try to extract some key financial figures and main events from the report:

  • The report covers the fiscal year (FY) 2024, with a filing date of January 15, 2025.
  • The company’s common stock, additional paid-in capital, and retained earnings have increased from December 31, 2022, to December 31, 2024.
  • The company had an initial public offering (IPO) on January 4, 2023, and an over-allotment option was exercised on January 9, 2023.
  • The company also had a private placement of shares to its sponsor on January 2-4, 2023, and January 9, 2023.
  • The company’s post-business combination financials are presented for the period from January 1, 2024, to December 31, 2024.
  • The report includes information on the company’s redeemable and non-redeemable ordinary shares, as well as its warrants and rights.

Please note that this summary is based on my interpretation of the provided text and may not be a comprehensive or accurate representation of the report’s contents.

Overview

We are a blank check company incorporated on September 15, 2021 with the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We have not generated any revenues to date and do not expect to generate operating revenues until we consummate our initial business combination. We are focused on identifying and acquiring a rapidly-growing and large-scaled target, particularly in the fintech, alternative and clean energy, biotech, logistics, industrial software, artificial intelligence (AI) and cloud industry sectors, that can benefit from our management team’s expertise and capabilities. Our search for a business combination target is not limited to a specific geographic region, but we intend to focus on businesses in Asia.

Results of Operations

Since our inception in September 2021 until December 31, 2024, our only activities have been organizational and those necessary to complete our initial public offering (IPO) and search for a business combination target. We did not generate any operating revenues during this period. Our net income was $1,498,591 in 2024 and $1,941,118 in 2023, which consisted of income earned on our Trust Account offset by formation and operating costs.

Liquidity and Capital Resources

We completed our IPO on January 4, 2023, raising gross proceeds of $60 million. An additional $9 million was raised through the exercise of the underwriters’ over-allotment option. After transaction costs, we held $70.2 million in our Trust Account as of December 31, 2024.

As of December 31, 2024, we had a cash balance of $1,425 and a working capital deficit of $3,314,762. We expect to need additional capital beyond the IPO proceeds to fund our operations and identify and evaluate potential business combination targets. Our founders or their affiliates may provide loans to fund these needs, which could be convertible into working capital units.

In December 2023 and December 2024, our shareholders approved extensions to the deadline for completing our initial business combination, with the latest extension moving the deadline to October 4, 2025. These extensions required depositing additional funds into the Trust Account. Shareholders also exercised redemption rights, removing approximately $23.3 million and $38.9 million from the Trust Account in 2023 and 2024, respectively.

On January 5, 2024, we entered into a merger agreement to combine with HCYC Group Company Limited. The business combination is expected to be completed after obtaining shareholder approvals and satisfying closing conditions. However, there is substantial doubt about our ability to continue as a going concern due to the uncertainty around our ability to raise sufficient capital or successfully complete the initial business combination.