Company Summary: Hudson Acquisition I Corp.

Business Overview

• Type: Blank check company (special purpose acquisition company - SPAC)
• Founded: January 13, 2021 (Delaware)
• Primary Purpose: To effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (Initial Business Combination)

Operations and Revenue

• Current State: No operating revenues generated; only organizational activities and preparations for initial public offering (IPO)
• Financial Year 2024:
  • Net Loss: $817,025
  • Interest Income: $582,231 (from marketable securities held in Trust Account)
  • Interest on Cash: $3,307
  • Expenses:
    • General and Administrative: $993,775
    • Franchise Tax Expense: $58,412
    • Overpayment of Franchise Tax: $172,166
    • Income Tax Provision: $179,000
• Financial Year 2023:
  • Net Income: $121,221
  • Interest Income: $2,276,593
  • Expenses:
    • General and Administrative: $1,309,549
    • Franchise Tax: $200,000
    • Income Tax Provision: $646,000

Capital Structure & Capital Raising

• Initial Public Offering (2022):
  • Securities Offered: 6,000,000 units at $10.00 each
  • Gross Proceeds: $60 million (before deductions)
  • Unit Composition: 1 share of common stock + 1 right (to receive 1/5 share upon business completion)
• Private Placements & Over-Allotments:
  • Initial Private Placement: Partial purchase of 238,500 units ($2.385 million)
  • Over-Allotment Units: 845,300 units sold, generating ~$8.45 million (before fees)
  • Over-Allotment Private Placement: 31,500 units (~$315,000)
  • Total Trust Account Funds (as of 2022): Approximately $69.48 million, invested mainly in T-bills and money market funds
• Outstanding Shares (as of May 23, 2025): 2,181,088 shares of common stock

Business Strategy & Targets

• Focused on identifying and completing a business combination with a US-based company in sectors such as technology.
• Target Attributes:
  • Recognized brand with established market presence
  • Market platform with scale and geographic concentration
  • Generates or has the potential for stable free cash flow
  • Capable of generating high returns over capital costs
  • Suitable for technology integrations and operational efficiencies
  • Managed by quality personnel with growth potential
• Management leverages extensive industry network and deal sourcing capabilities developed over decades.
• Will not acquire businesses primarily based in or operating in China (including Hong Kong and Macau).

Management & Employees

• Officers:
  • Warren Wang: CEO and Chairman, experienced in financing, mergers, acquisitions, US and Chinese capital markets
  • Pengfei Xie: CFO, with extensive financial market analysis and investment management experience
• Employees: Currently 2 officers, with plans to recruit additional managers post-Initial Business Combination
• Employees' Time Commitment: Devotes as much time as necessary until a business combination is achieved

Office & Administrative Support

• Address: 19 West 44th Street, Suite 1001, New York, NY 10036
• Monthly Office Expenses: ~$20,000 paid to sponsor for office space, utilities, secretarial/admin support
• Expenses for 2024: About $240,000 on administrative support fees

Financial & Liquidity Position

• Cash as of December 31, 2024: $68,758
• Working Capital Deficit (2024): Approximately $4.44 million
• Funds Available for Business Combination: Capable of raising additional capital via loans or investments from sponsors or third parties
• Extension Periods: Up to October 18, 2025, through multiple extensions, provided deposits into the trust account

Key Events & Developments

• Business Combination: Executed on November 22, 2024, with Aiways Automobile Europe GmbH, a German electric vehicle company
• Liquidation & Dissolution Plans:
  • If no business combination is completed by October 18, 2025, the company will liquidate and dissolve.
  • Redemptions and liquidation rights are provided to shareholders, with proceeds from trust account partially used for redemptions.
• Nasdaq Delisting: As of July 2024, the company's securities face delisting due to low market value, insufficient public shareholders, and failure to meet continued listing requirements. The company is appealing this decision.

Key Risks & Uncertainties

• No revenues, no operating history, and net losses.
• Dependence on completing a successful Initial Business Combination within the period.
• Limited operational assets, no employees beyond officers, and minimal current cash reserves.
• Exposure to regulatory, market, and geopolitical risks, including delisting from Nasdaq.
• Uncertainty regarding future funding and the ability to find and consummate a suitable target.

Note: The company has not disclosed specific details about the number of customers, direct employee count beyond officers, or revenue. It currently operates without revenues and focuses on identifying suitable acquisition targets.