Bowen Acquisition Corp SEC 10-Q Report

Bowen Acquisition Corp, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the third quarter of 2023. The report provides a comprehensive overview of the company's financial performance and business activities, including its recent IPO, operational efforts, and future outlook.

Financial Highlights

Net Income (Loss): The company reported a net loss of $(2.04) million, primarily due to operating costs, interest expenses, and a significant loss on the issuance of FPA liability.

Net Income (Loss) Per Share, Redeemable Ordinary Shares: $(0.48), reflecting the net loss allocated to redeemable shares.

Net Income (Loss) Per Share, Non-Redeemable Ordinary Shares: $(0.54), reflecting the net loss allocated to non-redeemable shares.

Business Highlights

Business Overview: Bowen Acquisition Corp is focused on effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company is not limited to a particular industry or geographic region, although it intends to focus on businesses in Asia.

IPO and Fundraising Activities: The company completed its initial public offering (IPO) on July 14, 2023, raising $60 million through the sale of 6,000,000 units. An additional $9 million was raised through the exercise of the over-allotment option, bringing the total funds raised to $69 million. These funds are held in a trust account and are intended to be used for the initial business combination.

Operational Activities: Since its inception, Bowen Acquisition Corp has not engaged in any operations or generated any revenues. Its activities have been limited to organizational efforts, preparing for the IPO, and identifying a target company for its initial business combination.

Proposed Business Combination: On January 18, 2024, Bowen Acquisition Corp entered into an Agreement and Plan of Reorganization with Shenzhen Qianzhi BioTechnology Co. Ltd. and other parties. The proposed business combination involves merging a wholly-owned subsidiary of Bowen with Qianzhi, with Qianzhi becoming a wholly-owned subsidiary of Bowen.

Forward Purchase Agreement: On January 13, 2025, Bowen entered into a Prepaid Forward Purchase Agreement with Harraden Circle Investments, LLC. This agreement involves the purchase of up to 550,000 ordinary shares from public shareholders who have elected to redeem their shares in connection with the business combination.

Future Outlook: The company is focused on completing its initial business combination within the specified timeframe. Management expects to incur significant costs related to the business combination and is exploring options to obtain additional funds from related parties to support its operations and achieve its objectives.

SEC Filing: Bowen Acquisition Corp [ BOWN ] - 10-Q - Jul. 08, 2025