Hudson Acquisition I Corp. Reports Improved Net Loss and Ongoing Merger Efforts

Hudson Acquisition I Corp. reported its financial results for the first quarter of 2026, revealing a net loss of $86,519, a significant improvement compared to a net loss of $282,614 in the same period of the previous year. The company’s operating expenses decreased to $89,660 from $309,058 year-over-year, primarily due to reduced general and administrative costs. Interest income from marketable securities held in the Trust Account also fell to $3,588 from $11,443, reflecting a decline in interest rates and market conditions.

As of March 31, 2026, Hudson Acquisition's total assets stood at $796,700, slightly up from $796,469 at the end of 2025. The company maintained cash and cash equivalents of $348,164, with marketable securities in the Trust Account amounting to $410,394. However, the company faced a working capital deficit of $5,047,155 and an accumulated deficit of $7,932,991, indicating ongoing financial challenges as it seeks to complete its Initial Business Combination.

Strategically, Hudson Acquisition has been focused on its proposed merger with Aiways Automobile Europe GmbH, which was formalized through a Business Combination Agreement on November 22, 2024. The company has been actively working to meet the conditions necessary for this merger, including stockholder approvals and compliance with regulatory requirements. The company has also extended the deadline for completing the merger multiple times, with the latest extension allowing until July 18, 2026, to finalize the transaction.

Operationally, the company has seen a drastic reduction in its public float due to significant redemptions of shares. As of March 31, 2026, only 36,771 public shares remained outstanding, a reduction of over 99% from the original issuance. This has resulted in a substantial decrease in the cash available in the Trust Account, which now holds $410,394 compared to approximately $69.5 million immediately following the Initial Public Offering. The company has withdrawn funds from the Trust Account to cover tax obligations, further impacting its liquidity.

Looking ahead, Hudson Acquisition faces considerable uncertainty regarding its ability to complete the proposed merger with Aiways by the extended deadline. If the merger is not consummated by July 18, 2026, the company will be required to liquidate and redeem outstanding public shares, raising substantial doubt about its ability to continue as a going concern. Management is actively pursuing the merger while monitoring market conditions and potential impacts from external factors such as economic volatility and geopolitical tensions.