This is a Special Purpose Acquisition Company (SPAC) — a blank check company incorporated in the Cayman Islands with no operating business. The SPAC raised $69M in its February 2023 IPO, placing proceeds into a trust account, with the sole purpose of merging with a private company to take it public. The management team focuses its search on technology companies with primary operations in Asia. The SPAC has a signed deal: in May 2024, it entered into a business combination agreement with Youlife, a private Asian company, at a total deal value of $700M in newly issued shares of a new holding company valued at $10.00 per share. The deal had not yet closed as of the filing date. The SPAC does not generate operating revenue. The sponsor profits primarily through "founder shares" acquired at nominal cost that convert into public shares upon a successful deal; if no deal closes by the November 2025 deadline, the SPAC liquidates, trust funds are returned to public shareholders, and the sponsor's founder shares become worthless. The trust account has been dramatically depleted by shareholder redemptions — from an original $70.4M down to approximately $7.46M as of December 31, 2024 — with the sponsor funding monthly extension deposits and working capital loans to keep the SPAC operational.