Hudson Acquisition I Corp. has reported a net loss of $887,178 for the fiscal year ending December 31, 2025, compared to a loss of $817,025 in the previous year. The company has not generated any operating revenues to date, as it remains focused on completing its Initial Business Combination. The financial performance reflects interest income of $40,060 from marketable securities held in the trust account, offset by general and administrative expenses of $581,493 and franchise tax expenses of $353,850. The trust account balance has significantly decreased to approximately $406,761, down from $69.5 million following the Initial Public Offering (IPO) due to substantial redemptions by public stockholders.
The company has experienced significant redemptions, with only 36,771 public shares remaining outstanding as of December 31, 2025, representing a reduction of over 99% from the original shares issued. This has resulted in a diminished public float and reduced cash available for the proposed business combination. The company has extended its deadline to complete the Initial Business Combination to July 18, 2026, following multiple stockholder votes. If the business combination is not completed by this date, Hudson Acquisition I Corp. will be required to liquidate.
Strategically, Hudson Acquisition I Corp. has entered into a Business Combination Agreement with EUROEV Holdings Limited and Aiways Automobile Europe GmbH, with the transaction valued at $410 million. The agreement includes provisions for the issuance of Pubco ordinary shares in exchange for shares of Aiways Europe, with the expectation that the combined entity will be listed on Nasdaq under the symbol "EUEV." However, the completion of this transaction is subject to stockholder approval and the effectiveness of the registration statement.
Operationally, the company has two officers and has not actively sought alternative business combinations since entering into the agreement with Aiways Europe. The management team has indicated that they will continue to focus on this transaction, which is expected to provide a platform for growth in the electric vehicle industry. However, the company faces risks related to its ability to secure necessary financing and the potential for significant dilution of public stockholders' interests following the business combination.
Looking ahead, Hudson Acquisition I Corp. has expressed concerns regarding its ability to continue as a going concern, given its lack of operating revenues and the limited cash available outside the trust account. The company is dependent on the successful completion of the business combination to sustain its operations. The management has acknowledged the risks associated with the transaction, including the potential for further redemptions and the need for additional financing to support the combined entity's operations post-closing.
About Hudson Acquisition I Corp.
Hudson Acquisition I Corp. is a blank check company focused on identifying and completing a merger or acquisition with a U.S.-based technology business. It leverages management’s industry experience, broad network, and deal sourcing capabilities to target established, scalable companies with strong market presence and growth potential. The company aims to provide a streamlined, cost-effective path for private businesses to go public through a business combination.
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