TenX Keane Acquisition Files 2023 Annual Report on Form 10-K

TL;DR

<b>TenX Keane Acquisition has filed its 2023 10-K report, detailing its financial structure and key business events including its IPO and a business combination.</b>

AI Summary

TenX Keane Acquisition (CTOR) filed a Annual Report (10-K) with the SEC on April 16, 2024. TenX Keane Acquisition filed its annual report for the fiscal year ending December 31, 2023. The company is classified under Pharmaceutical Preparations (SIC 2834). The filing includes details on ordinary shares, rights, and units consisting of shares and rights. Key dates mentioned include the IPO on October 17-18, 2022, and a business combination with Citius Pharmaceuticals Inc. on October 23-24, 2023. The report covers financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking TenX Keane Acquisition, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TenX Keane Acquisition's financial performance and corporate structure for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The inclusion of details regarding the IPO and subsequent business combination with Citius Pharmaceuticals Inc. offers insight into the company's strategic growth and capital raising activities.

Risk Assessment

Risk Level: low — TenX Keane Acquisition shows low risk based on this filing. The filing is a standard 10-K for a SPAC (Special Purpose Acquisition Company) with limited operational data, indicating a low level of immediate financial risk from ongoing operations.

Analyst Insight

Investors should review the detailed financial statements and disclosures in the 10-K to understand the company's capital structure and any post-combination operational developments.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (Date the 10-K was filed)
• 001-41534 — SEC File Number (SEC file number for TenX Keane Acquisition)
• 2834 — SIC Code (Standard Industrial Classification for Pharmaceutical Preparations)

Key Players & Entities

• TenX Keane Acquisition (company) — Filer of the 10-K report
• Citius Pharmaceuticals Inc. (company) — Company involved in a business combination with TenX Keane Acquisition
• 420 Lexington Ave, Suite 2446, New York, NY 10017 (address) — Business and mailing address for TenX Keane Acquisition
• 0001493152-24-014850 (filing_id) — Accession number for the filing
• 2023-12-31 (date) — Conformed period of report
• 2024-04-16 (date) — Filed as of date

FAQ

Risk Factors

• SPAC Structure and Financial Commitments [medium — financial]: The company's financial structure as a SPAC involves units, ordinary shares, and rights, with specific details on their par value and holder entitlements.
• SEC Filings and Compliance [low — regulatory]: The filing is a 10-K under the 1934 Act, indicating compliance with SEC reporting requirements for public companies.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2022-10-17: IPO Date — Date of the Initial Public Offering.
• 2023-10-23: Business Combination Date — Date of the business combination with Citius Pharmaceuticals Inc.

Key Financial Figures

• $0.0001 — each consisting of one ordinary share, $0.0001 par value, and one right entitling the
• $25,000 — nsor for an aggregate purchase price of $25,000, or approximately $0.017 per share. On
• $0.017 — hase price of $25,000, or approximately $0.017 per share. On December 20, 2021, the Bo
• $10.00 — Units were sold at an offering price of $10.00 per Unit, generating total gross procee
• $66,000,000 — nit, generating total gross proceeds of $66,000,000. Simultaneously with the consummation
• $3,940,000 — ment Unit, generating total proceeds of $3,940,000. The issuance of the Placement Units wa
• $67,320,000 — s Act of 1933, as amended. A total of $67,320,000 of the net proceeds from the IPO and th
• $660,000 — te in the aggregate principal amount of $660,000 (the "Extension Fee") to the Sponsor. T
• $200,000 — trust an amount equal to the lesser of $200,000 or $0.10 per public share that is not r
• $0.10 — ount equal to the lesser of $200,000 or $0.10 per public share that is not redeemed,
• $66,667 — trust an amount equal to the lesser of $66,667 or $0.03 per public share that is not r
• $0.03 — mount equal to the lesser of $66,667 or $0.03 per public share that is not redeemed,
• $1 billion — enue grew at CAGR of 56% and exceeded US$1 billion in 6 years after listing on Nasdaq. Fro
• $575.9 billion — t management companies in the U.S. with $575.9 billion asset under management as of the end of
• $125 million — s, where his team's assets grew to over $125 million by developing relationships with C-Suit

Filing Documents

• form10-k.htm (10-K) — 939KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• ex97-1.htm (EX-97.1) — 35KB
• 0001493152-24-014850.txt (&nbsp;) — 3982KB
• tenk-20231231.xsd (EX-101.SCH) — 29KB
• tenk-20231231_cal.xml (EX-101.CAL) — 28KB
• tenk-20231231_def.xml (EX-101.DEF) — 168KB
• tenk-20231231_lab.xml (EX-101.LAB) — 237KB
• tenk-20231231_pre.xml (EX-101.PRE) — 202KB
• form10-k_htm.xml (XML) — 421KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 13 Item 4. Mine Safety Disclosures 13 PART II Item 5. Market for Registrant's Common Equity, Related Shareholders Matters and Issuer Purchases of Equity Securities 13 Item 6. Reserved 14 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 19 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 19 Item 9A.

Controls and Procedures

Controls and Procedures 19 Item 9B. Other Information 20 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 20 PART III Item 10. Directors, Executive Officers and Corporate Governance 20 Item 11.

Executive Compensation

Executive Compensation 27 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 28 Item 13. Certain Relationships and Related Transactions, and Director Independence 29 Item 14. Principal Accounting Fees and Services 32 PART IV Item 15. Exhibits and Financial Statement Schedules 33 Item 16. Form 10-K Summary 34 2 CERTAIN TERMS References to the "Company," "our Company," "our," "us" or "we" refer to TenX Keane Acquisition, a blank check company incorporated on March 1, 2021 as a Cayman Islands exempted corporation and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this Annual Report on Form 10-K as our "initial business combination." References to our "Sponsor" refer to 10XYZ Holdings LP, a Delaware limited partnership. References to "equity-linked securities" are to any securities of the Company which are convertible into, or exchangeable or exercisable for, equity securities of the Company, including any securities issued by the Company which are pledged to secure any obligation of any holder to purchase equity securities of the Company. References to the "SEC" are to the U.S. Securities and Exchange Commission. References to our "initial public offering" or "IPO" refer to our initial public offering, which closed on October 18, 2022 (the "Closing Date"). References to "Public Shares" are to shares of our ordinary shares sold as part of the units in our initial public offering. References to "public shareholders" are to the holders of our Public Shares. SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS Certain looking statements" for purposes of the federal securities laws. Our forward looking statements include, but are not limited to,

BUSINESS

BUSINESS STRATEGIES We will seek to capitalize on the strength of our management team. Our team consists of experienced financial services, accounting and legal professionals and senior operating executives of companies operating in multiple jurisdictions. Collectively, our officers and directors have decades of experience in mergers and acquisitions and operating companies. We believe we will benefit from their accomplishments, and specifically, their current activities, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete a business combination. Our officers and directors have no prior experience consummating a business combination for a "blank check" company. We believe that we will add value to these businesses primarily by providing them with access to the U.S. capital markets. There is no restriction in the geographic location of targets we can pursue, although we intend to initially prioritize Asia, excluding companies located or operating in mainland China, Hong Kong or Macau. In particular, we intend to focus our search for an initial business combination on private companies in Asia, excluding companies located or operating in mainland China, Hong Kong or Macau, that have compelling economics and clear paths to positive operating cash flow, significant assets, and successful management teams that are seeking access to the U.S. public capital markets. We will primarily seek to acquire one or more businesses with a total enterprise value of between $200,000,000 and $600,000,000. As an emerging market, Asia has experienced remarkable growth. The Asian economy experienced sustained expansion in recent years. We believe that Asia is entering a new era of economic growth, which we expect will result in attractive initial business combination opportunities for us. We believe the growth will primarily be driven by private sector expansion, technological innovation, increasing consumption by the middle clas

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View this 10-K filing on SEC EDGAR