FutureCrest Acquisition reported no operating revenue for the period and delivered basic and diluted net income per share of $0.12, reflecting interest earned on its IPO trust account rather than operating results. The company recorded a net income of $2.404 million despite a loss from operations of $0.401 million, as $2.805 million of interest income on the Trust Account offset general and administrative costs. As a special purpose acquisition company, FutureCrest Acquisition has not commenced commercial operations and expects operating revenues only after completing a business combination.
Financial Highlights
- Revenue: $0.00 million, no operating revenues reported for the period (pre-Business Combination)
- Gross Profit: $0.00 million, not applicable—no operating activities or sales during period
- Operating Income: $(0.401) million, reported as Loss from operations of $400,904
- Net Income: $2.404 million, driven by $2.805 million interest income on Trust Account less G&A
- Net Income Per Share: $0.12, basic and diluted net income per Class A and Class B ordinary share
Business Highlights
- Capital Raise & Trust Funding: Completed an IPO and private warrant sale raising $287.5 million placed in a Trust to fund a Business Combination.
- No Operating Revenue Yet: The company has not commenced operations and does not expect operating revenues until after a Business Combination.
- Resource Allocation & Runway: Approximately $869,000 is held outside the Trust to support the search for a target and due diligence; sponsor loans are available to cover pre-combination costs.
- Regulatory & Market Risks: New 2024 SPAC SEC rules and Nasdaq timing requirements may materially affect the timing, cost and structure of the Business Combination.
Original SEC Filing:
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