A SPAC III Acquisition Corp. closes $55M IPO; auditor flags going concern risk

ASPAC III Acquisition Corp.

IPO of 5,500,000 units at $10/unit closed Nov 12, 2024; gross proceeds of $55M deposited in trust.
Private placement of 280,000 units to sponsor at $10/unit raised $2.8M, also deposited in trust.
Auditor's report includes going concern qualification: company must complete business combination by Nov 12, 2025 or liquidate.
Balance sheet as of Nov 12 shows $55M in trust, $2.0M cash outside trust, working capital $1.65M, accumulated deficit $217,762.
Underwriters granted 45-day over-allotment option for up to 825,000 additional units.

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