Axiom Intelligence Acquisition Corp 1 Form 10-Q for the Quarter Ended March 31, 2025
Axiom Intelligence Acquisition Corp 1 Form 10-Q for the Quarter Ended March 31, 2025
Axiom Intelligence Acquisition Corp 1, a special purpose acquisition company, filed its Form 10-Q for the quarter ended March 31, 2025. The company reported a net loss of $1,000 for the period from January 30, 2025 (inception) to March 31, 2025, and had a cash balance of $25,000 as of March 31, 2025. The company had no revenue and no assets or liabilities other than cash and a warrant liability. The company’s condensed balance sheet as of March 31, 2025, showed total assets of $25,000 and total liabilities of $0. The company’s management’s discussion and analysis of financial condition and results of operations noted that the company has not yet generated any revenue and has not yet identified a target company for a business combination.
Overview
This report provides an overview of the financial performance and activities of a blank check company incorporated in the Cayman Islands on January 30, 2025. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses.
Results of Operations
The company has not engaged in any operations or generated any revenues to date. Its activities from January 30, 2025 (inception) through March 31, 2025 were limited to organizational activities and those necessary to prepare for the Initial Public Offering. The company does not expect to generate any operating revenues until after the completion of its business combination. During this period, the company incurred a net loss of $84,438, which consisted of general and administrative expenses.
Liquidity and Capital Resources
Prior to the Initial Public Offering, the company’s only source of liquidity was an initial purchase of Class B ordinary shares by the Sponsor and loans from the Sponsor.
On June 20, 2025, the company consummated the Initial Public Offering of 20,000,000 Units at $10.00 per Unit, generating gross proceeds of $200,000,000. Simultaneously, the company sold 600,000 Private Placement Units at $10.00 per Unit to the Sponsor, CCM, and Seaport, generating an additional $6,000,000 in gross proceeds.
Following the closing of the Initial Public Offering and the Private Placement, a total of $200,000,000 was placed in the Trust Account. The company incurred $12,624,206 in expenses, consisting of $4,000,000 in cash underwriting fees, $8,000,000 in deferred underwriting fees, and $624,206 in other offering costs.
The company intends to use the funds held in the Trust Account, including any interest earned, to complete its business combination. Funds held outside the Trust Account will be used to identify and evaluate target businesses, perform due diligence, and structure, negotiate and complete a business combination.
The company does not believe it will need to raise additional funds to meet its expenditures prior to the business combination. However, it may need to obtain additional financing to complete the business combination or if it is required to redeem a significant number of its public shares.
Off-Balance Sheet Arrangements and Contractual Obligations
The company has no off-balance sheet arrangements as of March 31, 2025. Its only significant contractual obligation is an agreement to pay the Sponsor $10,000 per month for office space, utilities and administrative support services. The underwriters are also entitled to a deferred underwriting discount of 4.00% of the gross proceeds of the Initial Public Offering, payable upon the closing of the initial business combination.
Critical Accounting Estimates
As of March 31, 2025, the company did not have any critical accounting estimates to disclose.
In summary, this blank check company has completed its Initial Public Offering and private placement, raising a total of $206 million in gross proceeds. It is now focused on identifying and evaluating potential target businesses for a business combination, which it hopes to complete in the future. The company’s financial position and liquidity appear sufficient to support its operations in the near-term as it pursues this goal.