Hudson Acquisition I Corp. SEC 10-Q Report

Hudson Acquisition I Corp., a company focused on identifying and evaluating target businesses for mergers or acquisitions, has released its Form 10-Q report for the first quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational activities for the period ending March 31, 2025.

Financial Highlights

• Net Income: The company reported a net loss of $(282,614) for the three months ended March 31, 2025, compared to a net loss of $(82,504) for the same period in 2024.
• Net Income Per Share, Common Stock Subject to Possible Redemption: $0.27, reflecting the earnings allocable to common stock subject to redemption for the three months ended March 31, 2025.
• Net Loss Per Share, Non-Redeemable Common Stock: $(0.15), indicating the net loss attributable to non-redeemable common stock for the three months ended March 31, 2025.

Business Highlights

• Business Combination Agreement: On November 22, 2024, Hudson Acquisition I Corp. executed a Business Combination Agreement with Aiways Automobile Europe GmbH, a company engaged in developing electric vehicles. This agreement aligns with Hudson's strategy to identify and evaluate target businesses for a merger or acquisition.
• Operational Focus: The company has not commenced core operations as of March 31, 2025. All activities have been related to formation, fundraising through the initial public offering, and identifying a target for the Initial Business Combination.
• Future Outlook: Hudson Acquisition I Corp. intends to complete a Business Combination by October 18, 2025, assuming monthly extension requirements are satisfied. Management is focused on completing this combination within the specified timeframe to avoid mandatory liquidation.
• Geopolitical and Economic Impact: The company acknowledges potential adverse effects on its operations due to the COVID-19 pandemic, geopolitical tensions, and economic uncertainties, which could impact its ability to complete an Initial Business Combination.
• Nasdaq Compliance and Delisting: The company faced challenges with Nasdaq compliance, leading to a delisting notice. Despite efforts to regain compliance, the company's securities were delisted from Nasdaq, effective January 24, 2025.
• Extension Amendments: The company has amended its Certificate of Incorporation multiple times to extend the deadline for completing a Business Combination, reflecting its ongoing efforts to secure a suitable target and complete the transaction.
• Liquidity and Capital Resources: As of March 31, 2025, Hudson had $10,008 in its operating bank account and a working capital deficit of $4,708,038. The company may raise additional capital through loans or investments from the Sponsor or third parties to meet its operational needs.
• Lease Agreement: The company has a three-year operating lease for a Lexus vehicle, which is accounted for under ASU 2016-02, Leases (Topic 842). This lease includes an option to purchase the vehicle at the end of the term, although the company does not intend to exercise this option.

SEC Filing: Hudson Acquisition I Corp. [ HUDA ] - 10-Q - Jul. 15, 2025