Business Context and Reporting Period
This Form 8-K filing by Eureka Acquisition Corp (a Cayman Islands emerging growth company) reports events occurring between July 3, 2024, and July 8, 2024. The Company is a special purpose acquisition company (SPAC) that recently consummated its initial public offering (IPO) and subsequently exercised an over-allotment option.
Key Financial Metrics
- Initial IPO Proceeds: $50,000,000 from the sale of 5,000,000 Units at $10.00 per Unit.
- Initial Private Placement: $2,167,500 from the sale of 216,750 Private Units to the Sponsor at $10.00 per Unit.
- Over-Allotment Proceeds: $7,500,000 from the full exercise of the option to purchase 750,000 additional Units at $10.00 per Unit.
- Additional Private Placement: $112,500 from the sale of 11,250 Additional Private Units to the Sponsor at $10.00 per Unit.
- Total Gross Proceeds Reported: $60,000,000 (excluding underwriting compensation in shares).
- Trust Account: Proceeds from the over-allotment and additional private placement ($7,612,500) were placed in the trust account.
- Underwriting Compensation: Issued 230,000 Class A Ordinary Shares (200,000 initial + 30,000 additional) to the Representative.
Material Changes
The primary material change is the full exercise of the underwriters' over-allotment option on July 8, 2024. This action increased the total number of Units sold from 5,000,000 to 5,750,000 and increased the total capital raised by $7,500,000 from public investors and $112,500 from the Sponsor. Consequently, the Company issued an additional 30,000 Representative Shares as part of the underwriting compensation.
Outlook, Risks, and Management Commentary
The filing confirms the successful closing of the IPO and the over-allotment. Management has deposited the proceeds from the over-allotment into the trust account for the benefit of public shareholders. The filing references an unaudited pro forma balance sheet as of July 3, 2024, reflecting these transactions. No specific forward-looking guidance regarding a target business combination or timeline is provided in this specific report.
Investor Verification Checklist
- Verify the total cash balance in the trust account following the deposit of over-allotment proceeds.
- Confirm the total number of outstanding Class A ordinary shares and Rights post-transaction.
- Review the unaudited pro forma balance sheet (Exhibit 99.1) for updated working capital and debt positions.
- Monitor the Company's progress in identifying a target business combination within the required timeframe.