Technology & Telecommunication Acquisition Corporation, a blank check company focused on vision sensing technologies, has released its Form 10-Q report for the quarter ended May 31, 2024. The report provides insights into the company's financial performance and operational activities as it continues to seek a suitable business combination target.
Financial Highlights
- Net Income: $303,423 for the three months ended May 31, 2024, reflecting an increase from $199,021 in the same period in 2023, primarily due to higher interest income.
- Net Income: $523,642 for the six months ended May 31, 2024, compared to $682,249 for the same period in 2023, indicating a decrease due to lower interest income.
- Basic and diluted net income per ordinary share: $0.05 for the three months ended May 31, 2024, compared to $0.03 for the same period in 2023.
- Basic and diluted net income per ordinary share: $0.08 for the six months ended May 31, 2024, consistent with the same period in 2023.
Business Highlights
- Company Overview: Technology & Telecommunication Acquisition Corporation is a blank check company formed for the purpose of entering into a business combination with one or more target businesses, focusing on companies with operations in vision sensing technologies.
- Operational Focus: The company is actively seeking to identify and evaluate potential target businesses for a merger or acquisition, with a focus on vision sensing technologies.
- Business Combination Strategy: The company plans to use cash from its Initial Public Offering, private placement proceeds, and potentially debt or equity financing to complete its initial business combination.
- Current Operations: As of May 31, 2024, the company has not commenced any operations and is primarily engaged in activities related to identifying a target company for a business combination.
- Future Outlook: The company intends to continue its search for a suitable business combination target and aims to complete this process before the mandatory liquidation date of July 20, 2024, or January 20, 2025, if extended.
SEC Filing: