Starry Sea Acquisition Corp, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the quarter ended September 30, 2025. The report provides a comprehensive overview of the company's financial performance and operational activities, highlighting key metrics and recent developments.
Financial Highlights
- Net Income: $70,389 for the three months ended September 30, 2025, reflecting interest earned on cash held in the Trust Account of $323,479, partially offset by formation and operating costs of $253,090.
- Net Loss: $(36,715) for the nine months ended September 30, 2025, due to formation and operating costs of $360,194, partially offset by interest earned on cash held in the Trust Account of $323,479.
- Basic and diluted net income per ordinary shares subject to possible redemption: $0.15 for the three months ended September 30, 2025.
- Basic and diluted net income per ordinary shares subject to possible redemption: $0.65 for the nine months ended September 30, 2025.
- Basic and diluted loss, ordinary shares attributable to Starry Sea Acquisition Corp: $(0.23) for the three months ended September 30, 2025.
- Basic and diluted loss, ordinary shares attributable to Starry Sea Acquisition Corp: $(0.48) for the nine months ended September 30, 2025.
Business Highlights
- Business Overview: Starry Sea Acquisition Corp is focused on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more target businesses. The company is not limited to a particular industry or geographic location for its business combination efforts.
- Operational Activities: As of September 30, 2025, the company had not commenced any operations. All activities to date have been related to the company's formation and the initial public offering (IPO). The company will not generate any operating revenues until after the completion of a business combination.
- Recent Developments: On September 29, 2025, Starry Sea entered into a letter of intent with Forever Young International Limited, a health industry operator in China, for a proposed business combination. The pre-money equity value for Forever Young is expected to be between $750 million and $900 million, with consideration in the form of rollover equity valued at $10 per share.
- Future Outlook: The company has a 15-month period from the effective date of its registration statement to complete its initial business combination. If unable to do so, the company will cease operations and redeem public shares. The management has broad discretion with respect to the application of net proceeds from the IPO and private placement, primarily aimed at consummating a business combination.
- Segment Information: The Chief Executive Officer (CEO) acts as the Chief Operating Decision Maker (CODM), reviewing the company's performance as a whole. The company currently operates as a single segment, with no operating income or revenue until a business combination is completed.
- Liquidity and Capital Resources: The company's liquidity needs have been met through the IPO proceeds and a private placement. A total of $57,500,000 was placed in a trust account, with funds intended for use in connection with the initial business combination and related expenses.
- Administrative Support Services: The company has agreed to pay an affiliate of the Sponsor $10,000 per month for office space, utilities, and administrative support, which will continue until the completion of a business combination or liquidation.
SEC Filing: