Siddhi Acquisition Corp, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the first quarter ending March 31, 2025. The company, which aims to effectuate a business combination, has provided key financial and operational updates in its latest filing.
Financial Highlights
- Net loss: $43,850. The company reported a net loss for the three months ended March 31, 2025, primarily due to general and administrative costs.
- Basic and diluted net loss per share, Class B ordinary shares: $(0.01). This reflects the net loss per share for Class B ordinary shares during the reporting period.
Business Highlights
- Company Overview: Siddhi Acquisition Corp is a blank check company incorporated in the Cayman Islands on July 5, 2024, with the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
- Operational Status: As of March 31, 2025, the company had not commenced any operations. All activities were related to the company's formation, preparation for the Initial Public Offering (IPO), and identifying a target company for a business combination.
- Initial Public Offering: The company successfully completed its IPO on April 2, 2025, raising gross proceeds of $276 million through the sale of 27,600,000 units at $10.00 per unit. This includes the full exercise of the underwriter’s over-allotment option.
- Private Placement: Simultaneously with the IPO, Siddhi Acquisition Corp completed the sale of 338,000 Private Placement Units to its Sponsor at $10.00 per unit, generating additional gross proceeds of $3.38 million.
- Trust Account: Following the IPO and private placement, a total of $277.38 million was placed in a Trust Account. These funds are intended to be used for completing a business combination.
- Future Outlook: The company intends to use the funds held in the Trust Account to complete its business combination. It plans to use cash derived from the IPO and private placement, shares, debt, or a combination thereof to effectuate the business combination.
- Segment Information: The company operates as a single segment as identified by its Chief Executive Officer, who reviews assets and financial metrics for the company as a whole.
- Liquidity and Capital Resources: As of March 31, 2025, Siddhi Acquisition Corp had cash of $3.16 million and a working capital deficit of $508,990. The company believes it has sufficient funds to finance its working capital needs within one year from the date of issuance of the unaudited condensed financial statements.
- Administrative Support Agreement: The company entered into an agreement to pay a monthly fee of $15,000 for technology, software, computer systems, administrative support, secretarial services, and infrastructure until the earlier of an initial business combination or liquidation.
- Consultant Services Agreement: A consulting firm affiliated with the company's Chief Financial Officer provides accounting services for a monthly fee of $3,500 and a success fee of 40,000 shares upon completion of an initial business combination.
SEC Filing: