Spark I Acquisition Corp SPKL
We are a blank check company incorporated on July 12, 2021, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar combination with one or more businesses or assets, which we refer to throughout this Annual Report on Form 10-K as our initial business combination. To date, our efforts have been limited to organizational activities and activities related to the search for a target business for our initial business combination. We have generated no revenues to date, and we do not expect that we will generate operating revenues at the earliest until we consummate our initial business combination.
We announced in October 2024 that we had signed a non-binding letter-of-intent ("LOI") for a business combination with Kneron Holding Corporation ("Kneron"), a leading provider of full stack edge artificial intelligence ("AI") solutions based in San Diego, California, as well as a non-binding LOI for a business combination with a company in the hospitality software as a service/platform space. While both of these LOIs have expired, we have moved to the next phase of actively negotiating the terms of a binding business combination agreement with Kneron.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Total operating expenses | $2.6M | $2.1M | $1.9M | $1.3M | — |
| Net income | $293.6K | $3.2M | -$730.9K | -$1.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $112.3K | $375.4K | $1.4M | $587.6K | $251.2K |
| Total current assets | $193.4K | $479.8K | $1.6M | $675.1K | — |
| Total assets | $25.4M | $107.4M | $103.3M | $1.3M | — |
| Accounts payable | — | $3.5K | — | — | — |
| Total current liabilities | $3.8M | $1.3M | $408.7K | $3.1M | — |
| Total liabilities | $7.3M | $4.8M | $3.9M | $3.1M | — |
| Retained earnings | -$7.2M | -$4.4M | -$2.5M | -$1.8M | — |
| Total equity | -$7.2M | -$4.4M | -$2.3M | -$1.8M | -$429.4K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$2.5M | -$1.9M | -$1.3M | -$1.1M | — |
| Investing cash flow | $84.6M | — | -$100.5M | — | — |
| Financing cash flow | -$82.4M | $840.0K | $102.6M | $1.5M | — |
| Buybacks | $84.8M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-036922.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Net income | — | -$1.3M | -$730.9K | $3.2M | $293.6K |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Delisting notice Item 3.01
- Unregistered share sale Item 3.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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