Bowen Acquisition Corp SEC 10-Q Report

Bowen Acquisition Corp, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the quarter ended June 30, 2025. The report provides a comprehensive overview of the company's financial performance and business activities, highlighting key metrics and developments as the company progresses towards its initial business combination.

Financial Highlights

Net Income:

• $750,303 for the three months ended June 30, 2025, reflecting a decrease in operating costs and a gain from the change in fair value of the forward purchase agreement.
• $(1,289,691) for the six months ended June 30, 2025, primarily due to a loss on issuance of FPA liability and increased interest expenses.
• $816,754 for the three months ended June 30, 2024, driven by income earned on the Trust Account.
• $1,603,116 for the six months ended June 30, 2024, supported by significant interest income from the Trust Account.

Basic and Diluted Net Income (Loss) Per Share, Common Stock Subject to Redemption:

• $0.34 for the three months ended June 30, 2025, indicating improved earnings per share compared to the prior year.
• $(0.27) for the six months ended June 30, 2025, reflecting the net loss incurred during the period.
• $0.12 for the three months ended June 30, 2024, showing positive earnings per share.
• $0.24 for the six months ended June 30, 2024, indicating strong earnings performance.

Business Highlights

Business Overview: Bowen Acquisition Corp is a blank check company focused on effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company is not limited to a particular industry or geographic region, although it intends to focus on businesses in Asia.

IPO and Fundraising Activities: The company completed its initial public offering (IPO) on July 14, 2023, raising $60 million through the sale of 6 million units. An additional $9 million was raised through the exercise of the over-allotment option, bringing the total funds raised to $69 million. These funds are held in a trust account and are intended to be used for the initial business combination.

Operational Activities: Since its inception, Bowen Acquisition Corp has not engaged in any operations or generated any revenues. Its activities have been limited to organizational efforts, preparing for the IPO, and identifying a target company for its initial business combination.

Proposed Business Combination: On January 18, 2024, Bowen Acquisition Corp entered into an Agreement and Plan of Reorganization with Shenzhen Qianzhi BioTechnology Co. Ltd. and other parties. The proposed business combination involves merging a wholly-owned subsidiary of Bowen with Qianzhi, with Qianzhi becoming a wholly-owned subsidiary of Bowen.

Forward Purchase Agreement: On January 13, 2025, Bowen entered into a Prepaid Forward Purchase Agreement with Harraden Circle Investments, LLC, allowing for the purchase of up to 550,000 ordinary shares from public shareholders who elected to redeem their shares in connection with the business combination.

Future Outlook: The company is focused on completing its initial business combination within the specified timeframe. Management has expressed concerns about the company's ability to continue as a going concern if the business combination is not completed within the designated period, highlighting the importance of securing additional funds and completing the transaction.

SEC Filing: Bowen Acquisition Corp [ BOWN ] - 10-Q - Aug. 15, 2025