Spark I Acquisition Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Spark I Acquisition Corp has filed its 2023 annual report, detailing its registered securities and filing compliance.</b>

AI Summary

Spark I Acquisition Corp (SPKLW) filed a Annual Report (10-K) with the SEC on April 3, 2024. Spark I Acquisition Corp filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in the Cayman Islands and its principal executive offices are located in Palo Alto, CA. Securities registered include Units (SPKLU), Class A Ordinary Shares (SPKL), and Redeemable Warrants (SPKLW) on The Nasdaq Stock Market LLC. Spark I Acquisition Corp is not a well-known seasoned issuer and is not required to file reports under Section 13 or 15(d) of the Exchange Act. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Spark I Acquisition Corp, this filing contains several important signals. This filing provides a comprehensive overview of Spark I Acquisition Corp's financial and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and outlook. The report confirms the company's compliance with SEC filing requirements, indicating a level of transparency and adherence to regulatory standards expected by the market.

Risk Assessment

Risk Level: low — Spark I Acquisition Corp shows low risk based on this filing. The company is a SPAC (Special Purpose Acquisition Company) and its primary risk is the successful completion of a business combination, which is not detailed in this filing but is inherent to its structure.

Analyst Insight

Investors should review the full 10-K filing for details on the company's business operations, financial condition, and any disclosed plans or progress regarding a potential business combination.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 001-41825 — SEC File Number (Commission file number)
• 650-353-7082 — Business Phone (Registrant's telephone number)
• 11.50 — Warrant Exercise Price (Each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share)

Key Players & Entities

• Spark I Acquisition Corp (company) — Registrant
• Cayman Islands (location) — State or other jurisdiction of incorporation or organization
• Palo Alto, CA (location) — Address of principal executive offices
• SPKLU (stock) — Trading Symbol for Units
• SPKL (stock) — Trading Symbol for Class A Ordinary Shares
• SPKLW (stock) — Trading Symbol for Redeemable Warrants
• The Nasdaq Stock Market LLC (company) — Name of each exchange on which registered
• 2023-12-31 (date) — Fiscal year end

FAQ

Risk Factors

• Filing Requirements [low — regulatory]: The company has filed all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-04-03: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

Form 10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Spark I Acquisition Corp to report its annual financial results and business operations.)

Key Financial Figures

• $0.0001 — LLC Class A Ordinary Shares, par value $0.0001 per share SPKL The Nasdaq Stock Market
• $11.50 — ary share, each at an exercise price of $11.50 per share SPKLW The Nasdaq Stock Market
• $8,490,535 — arrants"), generating total proceeds of $8,490,535. The terms of the Private Warrants are
• $100,500,000 — tial business combination. A total of $100,500,000 ($10.05 per Unit, which amount includes
• $10.05 — combination. A total of $100,500,000 ($10.05 per Unit, which amount includes $3,500,
• $3,500,000 — ($10.05 per Unit, which amount includes $3,500,000 of the underwriters' deferred discount)
• $100,000 — the Company to pay its taxes and up to $100,000 of interest to pay dissolution expenses
• $1 billion — egy, with enterprise value greater than $1 billion. We will not undertake our initial busi

Filing Documents

• ea0202630-10k_sparkacq1.htm (10-K) — 1148KB
• ea020263001ex4-6_sparkacq1.htm (EX-4.6) — 142KB
• ea020263001ex10-10_sparkacq1.htm (EX-10.10) — 21KB
• ea020263001ex10-11_sparkacq1.htm (EX-10.11) — 23KB
• ea020263001ex31-1_sparkacq1.htm (EX-31.1) — 10KB
• ea020263001ex31-2_sparkacq1.htm (EX-31.2) — 11KB
• ea020263001ex32-1_sparkacq1.htm (EX-32.1) — 4KB
• ea020263001ex32-2_sparkacq1.htm (EX-32.2) — 4KB
• ea020263001ex97-1_sparkacq1.htm (EX-97.1) — 35KB
• 0001213900-24-029881.txt (&nbsp;) — 4450KB
• spkl-20231231.xsd (EX-101.SCH) — 41KB
• spkl-20231231_cal.xml (EX-101.CAL) — 18KB
• spkl-20231231_def.xml (EX-101.DEF) — 199KB
• spkl-20231231_lab.xml (EX-101.LAB) — 305KB
• spkl-20231231_pre.xml (EX-101.PRE) — 187KB
• ea0202630-10k_sparkacq1_htm.xml (XML) — 269KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 56 Item 1C. Cybersecurity 56 Item 2.

Properties

Properties 56 Item 3.

Legal Proceedings

Legal Proceedings 56 Item 4. Mine Safety Disclosures 56 Part II 57 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 57 Item 6. [Reserved] 58 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 58 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 62 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 63 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III 64 Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 73 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 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accounting Fees and Services 77 Part IV 78 Item 15. Exhibit and Financial Statement Schedules 78 Item 16. Form 10-K Summary 79 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking are cautioned that statements that are not strictly historical statements of fact constitute forward-looking statements, including, without limitation, statements under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" and are identified by words like "believe," "expect," "may," "will," "should," "seek," "anticipate," or "could" and similar expressions. Forward looking statements in this Annual Report on Form 10-K may include, for example, statements about: our ability to select an appropriate target business or businesses our ability to complete our initial business combination our expectations around the performance of the prospective target business or businesses our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements; approving our initial business combination our potential ability to obtain additional financing to complete our initial business combination our pool of prospective target businesses the ability of our officers and directors

Forward-looking statements are not assurances of future

Forward-looking statements are not assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those expressed or implied by forward-looking statements include those discussed elsewhere in this Annual Report on Form 10-K and in future Quarterly Reports on Form 10-Q or other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date of this report. We undertake no obligation to publicly revise or update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. References to a fiscal year refer to our fiscal year ended December 31 of the specified year. ii PART I

Business

Item 1. Business In this Annual Report on Form 10-K (the "Form 10-K"), references to the "SPAC," "Company" and to "we," "us," and "our" refer to Spark I Acquisition Corporation. Introduction We are a blank check company incorporated on July 12, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or assets, which we refer to throughout this Annual Report on Form 10-K as our initial business combination. To date, our efforts have been limited to organizational activities and activities related to the search for a target business for our initial business combination. We have generated no revenues to date, and we do not expect that we will generate operating revenues at the earliest until we consummate our initial business combination. Since our initial public offering ("IPO"), we have completed a detailed assessment of SparkLabs Group ecosystem companies, and have finalized initial targets to prioritize. We are currently having substantive discussions with multiple prioritized targets and are working to having non-binding letters of intent signed with all prioritized targets, with the goal of executing a binding business combination agreement with a final target as efficiently as practicable. On October 11, 2023, we consummated our IPO of 10,000,000 units (the "Units"). Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 ( "Class A ordinary shares"), and one-half of one redeemable warrant (each whole warrant, a "Public Warrant"), with each Public Warrant entitling the holder thereof to purchase one Class A ordinary share at $11.50 per share, subject to adjustment, beginning 30 days after the completion of the Company's initial business combination . We granted Cantor Fitzgerald & Co., as representative of the underwriters ("Cantor") , a 45-day option to purchase up to 1,500,000 additiona

View Full Filing

View this 10-K filing on SEC EDGAR