JVSPAC Acquisition Corp. Reports Q1 2025 Financial Results and Merger Update

JVSPAC Acquisition Corp. has reported its financial results for the first quarter of 2025, revealing a net income of $417,109, an increase from $330,961 in the same period of the previous year. The company generated interest income of $636,192 from its Trust Account investments and $14,981 from bank interest, while operating costs remained relatively stable at $234,064 compared to $233,280 in the prior year. The basic and diluted net income per share for Class A ordinary shares subject to redemption was $0.12, down from $0.15 in the previous year, while the non-redeemable shares reported a loss of $0.13, an improvement from a loss of $0.19.

The company’s total assets increased to $63.4 million as of March 31, 2025, up from $61.1 million at the end of 2024. This growth was primarily driven by an increase in cash and investments held in the Trust Account, which rose to $61.5 million from $60.3 million. The liabilities also saw a significant rise, primarily due to a $2 million obligation to Hotel101 Global, which was recorded as a due to third party. The company’s working capital deficit stood at $378,436, reflecting a decrease from a surplus of $599,267 at the end of the previous fiscal year.

Strategically, JVSPAC Acquisition Corp. is in the process of completing a merger with Hotel101 Global Pte. Ltd. and Hotel of Asia, Inc., with a total consideration of $2.3 billion to be paid entirely in stock. The merger agreement was amended in September 2024, allowing for the transfer of shares and properties between the involved parties. The company has extended its deadline to complete the merger to July 23, 2025, following two deposits of $575,000 into the Trust Account, funded by Hotel101 Global.

Operationally, the company has not yet commenced any business operations and continues to focus on identifying a target for its initial business combination. As of March 31, 2025, the company had 5,750,000 Class A ordinary shares subject to possible redemption, reflecting a redemption value of $10.69 per share. The company’s management has indicated that it may need to raise additional capital to meet its operational needs or to complete the business combination, which could involve issuing new securities or incurring debt.

Looking ahead, JVSPAC Acquisition Corp. faces significant uncertainty regarding its ability to complete the merger and continue as a going concern. The company has acknowledged that if it fails to complete the business combination by the extended deadline, it may be required to liquidate and dissolve. Management remains focused on finalizing the merger with Hotel101 Global and is actively pursuing strategies to ensure the successful completion of this transaction.