AFJK

Business Context and Reporting Period

Aimei Health Technology Co., Ltd. (AFJK) is a Cayman Islands exempted company and a blank check entity (SPAC) formed to pursue a business combination with healthcare innovation targets. The filing covers the quarterly period ended June 30, 2026. The Company is classified as a shell company, a smaller reporting company, and an emerging growth company. As of the reporting date, the Company had not commenced any operations; all activities were related to its formation, IPO, and pursuit of a business combination.

Key Financial Metrics

Material Changes vs. Prior Period

• Profitability Shift: The Company reported a net loss of $(37,704) for the six months ended June 30, 2026, compared to a net income of $609,632 for the same period in 2025. This reversal is primarily due to a significant decrease in interest income earned on the Trust Account ($216,628 in 2026 vs. $1,064,650 in 2025), reflecting lower interest rates or reduced principal balances.
• Operating Costs: General, administrative, and operational costs decreased to $254,332 for the six months ended June 30, 2026, down from $455,018 in the prior year period.
• Share Redemptions: No shares were redeemed during the three or six months ended June 30, 2026. However, significant redemptions occurred in prior periods (5,859,668 shares redeemed in 2025), reducing the number of public shares subject to redemption to 1,040,332 as of June 30, 2026.
• Extension Loans: Extension loans payable to related parties increased from $2,024,062 at December 31, 2025, to $2,195,717 at June 30, 2026, as the Company continued to fund monthly extension fees to delay the liquidation deadline.

Outlook, Risks, and Unusual Items

• Termination of Business Combination: On July 7, 2026 (subsequent to the reporting period), the Company terminated its Business Combination Agreement with United Hydrogen Group Inc. The deal failed to close because the China Securities Regulatory Commission (CSRC) had not granted required approvals by the deadline. The Company intends to pursue other targets.
• Liquidity and Going Concern: The Company has a working capital deficit of approximately $3.8 million and minimal operating cash ($1,466). Management has raised substantial doubt about the Company's ability to continue as a going concern if a business combination is not consummated by the extended deadline (December 6, 2026, subject to further extensions).
• Extension Mechanics: To extend the time to consummate a business combination, the Sponsor and United Hydrogen (prior to termination) funded monthly extension payments into the Trust Account via non-interest-bearing convertible loans. Subsequent to June 30, 2026, the Company entered into additional extension loans totaling $68,662 to extend the deadline through September 6, 2026.
• Internal Controls: Management concluded that disclosure controls and procedures were not effective as of June 30, 2026, due to a material weakness involving inadequate segregation of duties and insufficient written policies.

Investor Verification Checklist

• Extension Loan Sustainability: Verify the ability of the Sponsor and related parties to continue funding monthly extension fees to prevent forced liquidation.
• Trust Account Balance: Confirm the current per-share redemption value in the Trust Account, which fluctuates based on interest earnings and extension fee deposits.
• New Target Search: Assess the timeline and progress of the Company's search for a new business combination target following the termination of the United Hydrogen deal.
• Internal Control Remediation: Review plans to address the material weakness in internal controls over financial reporting.
• Related Party Obligations: Monitor the outstanding balance of extension loans ($2.2M) and amounts due to related companies ($1.1M), which may be converted to equity or repaid upon a future business combination.