ASPAC III Acquisition Corp. Files Q3 2024 10-Q

TL;DR

ASPAC III Acquisition Corp. 10-Q filed for Q3 2024. Still a blank check company.

AI Summary

ASPAC III Acquisition Corp. filed its 10-Q for the quarter ended September 30, 2024. The company, previously known as SPAC III Acquisition Corp. until October 25, 2021, is incorporated in the British Virgin Islands and operates in the blank checks sector. Its business address and mailing address are both located at 200 Gloucester Road, 29th Floor, Wanchai, K3, with a business phone number of 852 9258 9728.

Why It Matters

This filing provides an update on the financial status and operations of ASPAC III Acquisition Corp., a special purpose acquisition company, which is crucial for investors tracking its progress towards a potential business combination.

Risk Assessment

Risk Level: medium — As a SPAC, ASPAC III Acquisition Corp. faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• 001-42401 — SEC File Number (Identifies the specific filing with the SEC.)
• 20241220 — Filing Date (Indicates when the report was submitted to the SEC.)
• September 30, 2024 — Quarter End Date (Specifies the period covered by the financial report.)

Key Players & Entities

• ASPAC III Acquisition Corp. (company) — Registrant
• SPAC III Acquisition Corp. (company) — Former company name
• 20241220 (date) — Filing date
• September 30, 2024 (date) — Quarter end date
• 001-42401 (dollar_amount) — SEC file number
• 852 9258 9728 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

• $25,000 — y shares were issued to the Sponsor for $25,000. On July 23, 2024, the Company issued 1

Filing Documents

• ea0224865-10q_aspac3.htm (10-Q) — 362KB
• ea022486501ex31-1_aspac3.htm (EX-31.1) — 12KB
• ea022486501ex32-1_aspac3.htm (EX-32.1) — 5KB
• 0001213900-24-111162.txt ( ) — 2684KB
• ascb-20240930.xsd (EX-101.SCH) — 24KB
• ascb-20240930_cal.xml (EX-101.CAL) — 11KB
• ascb-20240930_def.xml (EX-101.DEF) — 162KB
• ascb-20240930_lab.xml (EX-101.LAB) — 196KB
• ascb-20240930_pre.xml (EX-101.PRE) — 153KB
• ea0224865-10q_aspac3_htm.xml (XML) — 206KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2024 2 Unaudited Condensed Statements of Changes in Shareholders' Deficit for the Nine Months Ended September 30, 2024 3 Unaudited Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 4 Notes to Unaudited Condensed Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures Regarding Market Risk

Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

Other Information

Part II. Other Information 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

Signatures

Part III. Signatures 27 i CAUTIONARY NOTE CONCERNING FORWARD-LOOKING This Quarterly Report on Form 10-Q includes "forward-looking and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking in the forward-looking statements, please refer to the Risk Factors section of the Company's final prospectus for its initial public offering filed with the SEC on November 8, 2024 (the " Prospectus "). The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov . Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statemen

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Unaudited Condensed Financial Statements

Item 1. Unaudited Condensed Financial Statements. A SPAC III ACQUISITION CORP. CONDENSED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 As of September 30, 2024 As of December 31, 2023 (Unaudited) (Audited) ASSETS: Deferred offering costs $ 82,250 $ — Total Assets $ 82,250 $ — LIABILITIES AND SHAREHOLDER'S DEFICIT: Current liabilities: Accrued expenses $ — $ 14,925 Accrued offering costs 25,000 — Promissory note - related party 244,603 125,651 Total current liabilities 269,603 140,576 Total Liabilities $ 269,603 $ 140,576 Commitments and Contingencies Shareholder's Deficit Preferred shares, no par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 $ — $ — Class A ordinary shares, no par value; 100,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 — — Class B ordinary shares, no par value; 10,000,000 shares authorized; 1,581,250 shares issued and outstanding as of September 30, 2024 and December 31, 2023 (1) (2) — — Additional paid-in capital 25,000 25,000 Accumulated deficit ( 212,354 ) ( 165,576 ) Total Shareholder's Deficit $ ( 187,354 ) $ ( 140,576 ) Total Liabilities and Shareholder's Deficit $ 82,250 $ — (1) Includes up to 206,250 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 5). As a result of the underwriter's partial exercise of the over-allotment option on November 19, 2024, 81,250 shares of Class B ordinary share were forfeited for no consideration on November 19, 2024. (2) Shares have been retroactively restated to reflect a share and purchase agreement. On September 3, 2021, 1,437,500 Class B ordinary shares were issued to the Sponsor for $25,000. On July 23, 2024, the Company issued 1,581,250 Class B ordinary shares to the Sponsor for $25,000, and immediately

View Full Filing

View this 10-Q filing on SEC EDGAR