Maywood Acquisition Corp. Reports First Quarter Financial Results Post-IPO

Maywood Acquisition Corp. has reported its financial results for the first quarter ending March 31, 2025, following its initial public offering (IPO) earlier this year. The company generated a net income of $379,937, primarily from $417,209 in interest earned on investments held in a trust account, offset by $40,423 in formation and operating costs. This marks the company's first financial reporting period since its incorporation on May 31, 2024, and no comparative prior period financial information is available.

The company successfully completed its IPO on February 14, 2025, raising gross proceeds of $86.25 million from the sale of 8,625,000 units, which included an over-allotment option fully exercised by underwriters. Additionally, Maywood Acquisition Corp. raised $2,656,250 through a private placement of 265,625 units. As of March 31, 2025, the company reported total assets of $87.26 million, a significant increase from $131,602 at the end of the previous fiscal period, reflecting the funds raised during the IPO and private placement.

In terms of operational metrics, Maywood Acquisition Corp. has not yet commenced any business operations, as it is a blank check company focused on identifying potential merger or acquisition targets. The company has established a trust account containing $86.67 million, which will be utilized for redemptions of public shares upon the completion of a business combination. As of the reporting date, the company had cash and cash equivalents of $504,566, with a working capital of $571,281. The company has incurred administrative costs of $2,501 under an agreement with its sponsor for office space and support services.

Looking ahead, Maywood Acquisition Corp. has a 15-month window to complete a business combination, extendable to 18 months if a definitive agreement is signed within the initial period. However, the company has raised concerns regarding its ability to continue as a going concern if it fails to complete a business combination within the required timeframe. Management has indicated that while the available funds are expected to support operations for at least the next 12 months, additional funding may be necessary if costs exceed estimates or interest income falls short. The company is currently evaluating potential target businesses across various industries and geographic locations.