Alchemy Investments Acquisition Corp 1, a blank check company incorporated in the Cayman Islands, reported a net income of $4.25 million for the fiscal year ending December 31, 2024. This figure reflects a significant increase compared to the previous fiscal period, primarily driven by interest and dividends earned on marketable securities, which amounted to approximately $5.44 million. The company has not yet engaged in any operational activities or generated revenue from business operations, as its focus remains on identifying suitable targets for its initial business combination.
As of December 31, 2024, Alchemy Investments had $11.85 million available in its trust account, following the completion of its initial public offering (IPO) on May 9, 2023, which raised $115 million. The company also issued 595,500 placement shares at $10.00 each, generating an additional $5.96 million. However, the company reported a working capital deficit of $1.58 million, raising concerns about its ability to continue as a going concern without securing additional financing or successfully completing a business combination by the extended deadline of September 9, 2025.
In a strategic move, the company held an annual general meeting on October 31, 2024, where shareholders approved a proposal to extend the deadline for completing a business combination by three months, with the option for month-to-month extensions thereafter. This decision was made to provide the company with additional time to identify and evaluate potential acquisition targets, particularly in the deep technology sector, which includes data analytics and related industries. The company has not yet finalized any business combination but is actively seeking opportunities.
Operationally, Alchemy Investments has a management team with extensive experience in equity investments and business operations, led by Non-Executive Chairman Steven M. Wasserman and co-CEOs Mattia Tomba and Vittorio Savoia. The company has not disclosed specific customer counts or engagement metrics, as it has not yet commenced operations. However, it aims to leverage its management's networks to identify attractive acquisition opportunities. The company currently employs three executive officers and does not plan to hire additional full-time employees until a business combination is completed.
Looking ahead, Alchemy Investments faces challenges in securing a suitable business combination within the extended timeframe. The company acknowledges the competitive landscape for acquisition targets and the potential impact of market conditions on its ability to complete a transaction. While it remains optimistic about finding a target that aligns with its strategic focus, the company cautions that there are no guarantees regarding the successful consummation of a business combination or the future performance of any acquired entity.
About Alchemy Investments Acquisition Corp 1
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