Quarterly ResultMay 14, 2026, 04:22 PM
Averin Capital Q1 Net Income $832,500; Going Concern Doubt Noted
AI Summary
Averin Capital Acquisition Corp. reported a net income of $832,500 for the three months ended March 31, 2026, primarily from interest earned on its Trust Account. The company completed its Initial Public Offering and a Private Placement, raising $283,860,080 which was subsequently placed into a Trust Account. Despite the income, management identified substantial doubt about the company's ability to continue as a going concern due to its early stage and the requirement to complete a Business Combination within the specified period.
Key Highlights
- Net income for the three months ended March 31, 2026, was $832,500.
- Interest earned on cash and investments in Trust Account totaled $987,118.
- Total assets as of March 31, 2026, increased to $285,515,300.
- Investments held in the Trust Account amounted to $284,847,198.
- Total liabilities were $15,710,664, including a $15,612,304 Deferred Fee.
- Net cash used in operating activities was $(403,700).
- The IPO and Private Placement raised $283,860,080 for the Trust Account.
- Management noted substantial doubt about the company's ability to continue as a going concern.