Item 5. Market for Registrant’s Common Equity
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market
Information
Our
units began to trade on Nasdaq under the symbol “AFJKU” on December 4, 2023. Our ordinary shares and rights comprising the
units began separate trading on January 22, 2024, under the symbols “AFJK” and “AFJKR,” respectively.
Holders
of Record
As
of March 28, 2025 there were 6,121,733 ordinary shares issued and outstanding held by approximately 10 shareholders of record, and there
were 1,905,000 ordinary shares issued and outstanding held by the Sponsor. The number of record holders was determined from the records
of our transfer agent and does not include beneficial owners of shares of common stock whose shares are held in the names of various
security brokers, dealers, and registered clearing agencies.
Dividend
Policy
We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of an
initial business combination. The payment of cash dividends in the future will be dependent upon our revenue and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent
to a business combination will be within the discretion of our board of directors at such time. It is the present intention of our board
of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate
declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith.
Securities
Authorized for Issuance Under Equity Compensation Plans
None.
Recent
Sales of Unregistered Securities
There
were no unregistered securities to report which have not been previously included in an annual report on Form 10-K, a quarterly report
on Form 10-Q or a current report on Form 8-K.
Use
of Proceeds
Of
the proceeds we received from the IPO and the exercise of over-allotment option by underwriters as well as the sale of the private placement
units, a total of $69,690,000, including $690,000 of deferred underwriting commissions and after deducting of the other underwriting
commissions and expenses for the IPO, was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company,
acting as trustee.
There
has been no material change in the planned use of proceeds from such use as described in our prospectus filed with the SEC on December
5, 2023 pursuant to Rule 424b(4).
Purchases
of Equity Securities by the Issuer and Affiliated Purchasers
None.
Item
6. [Reserved].
22
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.