Emmis Acquisition reported no operating revenues for the period and recorded net income of $0.841 million, driven by $1.150 million of interest income on trust assets offset by $0.309 million of operating costs. The company had $0.00 million in operating income and no operating revenues prior to a business combination. Emmis Acquisition's activities to date have focused on target identification, due diligence and completing its IPO.
Financial Highlights
- Revenue: $0.00 million (no operating revenues generated during the period)
- Operating Income: $0.00 million (no operations and operating revenues until post-business combination)
- Net Income: $0.841 million (comprised of $1.150 million interest income less $0.309 million operating costs)
- Net Income Per Share: Not provided in the filing excerpts
Business Highlights
- Capital raise and IPO: Completed an IPO and private placement raising $118.675 million, with $116.15 million placed in trust to fund an initial business combination.
- Operational status: No operating revenues to date; primary activities have been identifying acquisition targets, conducting due diligence, and preparing transaction documentation.
- Use of funds and strategy: Trust funds (and interest earned on those funds) are designated for a future acquisition; cash outside the trust has been used to support diligence, travel and transaction-related expenses.
- Interest income and transaction costs: Interest earned on trust assets amounted to $1.15 million; the company incurred $0.309 million of operating costs and $2.32 million of IPO-related expenses.
Original SEC Filing:
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