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Technology & Telecommunication Acquisition Corporation (NASDAQ Pink: TETE) filed its Form 10-Q for the quarter ended 31 May 2025. The SPAC remains in the pre-combination stage and its financial statements continue to reflect a cash shell structure.
Capital & Liquidity
- Unrestricted cash fell to $3,227 (Nov-24: $25,348) while cash and investments in the trust account shrank to $7.26 million (Nov-24: $31.67 million) after extensive shareholder redemptions.
- Following redemptions of ~2.0 million shares on 20 Jan 2025 and a further 3,561 shares on 15 Apr 2025, only 570,982 Class A shares remain subject to redemption.
- The company carries a working-capital deficit of $5.63 million and a cumulative shareholders’ deficit of $9.66 million.
- Current liabilities total $5.68 million, comprising $1.65 million payables, $2.82 million sponsor extension loans and $1.21 million working-capital loans. A further $4.03 million deferred under-writer commission is contingent on deal completion.
Operating Results
- Quarterly formation & operating costs: $113,900 (-24% Y/Y).
- Interest income from the trust collapsed to $76,058 (Q2-24: $454,098) because of the reduced trust balance.
- Resulting net loss of $37,842 versus net income of $303,423 in the prior-year quarter.
- For the six-month period, net income was a marginal $30,119 (-94% Y/Y).
Extension Activity & Sponsor Support
- Shareholders approved multiple extensions; the latest Charter Amendment moves the deadline to 20 Aug 2025.
- The sponsor continued to fund monthly trust deposits ($51,365 each) and provided an additional $162k working-capital loan during the half-year.
Proposed Business Combination
- Management reiterates the $1.1 billion two-step merger with Bradbury Capital Holdings Inc., payable in 110 million PubCo shares at $10 each (incl. $235 million at closing plus an $865 million earn-out).
Going-Concern Status
The company discloses substantial doubt about its ability to continue as a going concern due to minimal cash, significant liabilities and the August 2025 deadline. Failure to close the Bradbury deal or secure further extensions will force liquidation of the trust.
Key Investor Takeaways
- Trust capital has fallen 77% since November 2024, materially reducing funds available for the merger or post-closing operations.
- Although sponsor support provides bridge liquidity, total debt to the sponsor now tops $4.0 million.
- With only ~0.6 million public shares left, redemption pressure is largely exhausted; however, limited float could affect post-merger trading liquidity.
- Investors should monitor regulatory filings for merger progress, additional financing and any further amendments to the combination deadline.
