Athena Technology Acquisition Corp. II reported a net loss of $2.6 million for the fiscal year ending December 31, 2024, a significant decline from a net income of $1.3 million in the previous year. The loss was primarily attributed to operating expenses of $3.4 million and finance costs of $78,039, which were partially offset by interest income of $850,641 from investments held in the Trust Account. The company has not generated any operating revenues to date, as it remains focused on identifying a suitable target for its initial business combination.
In a notable strategic development, Athena entered into a Business Combination Agreement on December 4, 2024, with Ace Green Recycling, Inc. This agreement outlines a merger where Ace Green Recycling will become a wholly owned subsidiary of Athena, with its shareholders receiving shares of Athena's common stock. The transaction is contingent upon various conditions, including the successful completion of the merger and the issuance of up to 10.5 million shares to Ace Green Recycling's shareholders based on trading performance.
Operationally, Athena has faced challenges, including a significant number of redemptions from its Trust Account. In three separate stockholder meetings held in 2023 and 2024, a total of approximately 25 million shares were tendered for redemption, resulting in substantial payouts from the Trust Account. As of December 31, 2024, the Trust Account held approximately $3.7 million, which includes interest income available for business combination purposes. The company has also incurred a 1% excise tax liability related to these redemptions, totaling approximately $3.5 million, which remains unpaid as of the filing date.
Looking ahead, Athena has until September 14, 2025, to complete its initial business combination, with the possibility of extending this deadline through additional deposits into the Trust Account. However, the company has expressed uncertainty regarding its ability to consummate a business combination within this timeframe, raising concerns about its liquidity and going concern status. The management team is actively working to address these challenges while continuing to seek potential acquisition opportunities in the fintech, enterprise, deep tech, and health-tech sectors.
About Athena Technology Acquisition Corp. II
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