Technology & Telecommunication Acquisition Corp Reports Increased Net Income and Announces Merger with Bradbury Capital Holdings

Technology & Telecommunication Acquisition Corp (TETE) reported its financial performance for the fiscal year ending November 30, 2024, revealing a net income of $617,298, a significant increase from the previous year's net income of $179,619. The company generated interest income of $1,675,709, which was partially offset by formation and operating costs totaling $1,058,411. In comparison, for the year ending November 30, 2023, TETE had interest income of $2,024,071 against operating costs of $1,844,452. The increase in net income reflects a strategic focus on managing expenses while generating interest income from cash and investments held in trust accounts.

During the reporting period, TETE made significant strategic developments, including entering into a merger agreement with Bradbury Capital Holdings Inc. The merger, valued at $1.1 billion, will be executed in two steps: a reincorporation merger followed by an acquisition merger. The transaction is expected to close in the second quarter of 2025, pending shareholder approval and customary closing conditions. This merger represents a pivotal move for TETE as it seeks to establish a foothold in the technology and telecommunications sectors.

Operationally, TETE has maintained a lean structure, with only two executive officers overseeing its activities. The company has not generated any operating revenues to date, as its primary focus has been on identifying suitable acquisition targets. As of November 30, 2024, TETE held approximately $31.7 million in cash and investments in trust accounts, which are intended to fund the upcoming business combination. The company has also experienced fluctuations in shareholder engagement, with significant redemptions occurring during extraordinary meetings, reflecting a dynamic investor sentiment.

Looking ahead, TETE faces a critical deadline, as it must complete its business combination by April 20, 2025, or face mandatory liquidation. The company has expressed confidence in its ability to secure additional financing if necessary, although it acknowledges the uncertainty surrounding its future operations. The management has indicated that it will continue to pursue its acquisition strategy while managing liquidity concerns, emphasizing the importance of completing the merger to ensure ongoing viability. The company’s securities are currently traded on the OTC Markets, following a delisting from Nasdaq, which may impact its market presence and liquidity.