Company: JWSUF
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001410578-25-000474
Chunk: 24

Company: Jaws Mustang Acquisition Corp
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1B
Chunk 24
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Item 1.Business

Overview

We are a blank check company incorporated on October 19, 2020 as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry or sector. Our sponsor, Mustang Sponsor LLC, is an affiliate of JAWS Estates Capital, the family office of Barry S. Sternlicht.

Our Founders believe a special purpose acquisition company vehicle is the most potent way to capitalize on the benefits of the public markets. The elements of (a) efficiency to listing time and (b) ability to show future growth, especially for our target company, all favor a founder friendly way of accessing the capital markets. We believe that the early venture capital and late stage private equity markets contain numerous target companies that have the potential to benefit materially from being publicly traded, an area in which the Founders have significant experience.

As of December 31, 2024, we had not commenced any operations. All activity for the period from April 1, 2021 (inception) to December 31, 2024 relates to identifying a target company for a business combination. We will not generate any operating revenues until after the completion of a business combination, at the earliest. We will generate non-operating income in the form of interest income from the proceeds derived from our initial public offering.

On February 5, 2024, the Company received a written notice from NYSE American indicating that the staff of NYSE American (the “Staff”) has determined to commence proceedings to delist the Company’s (i) units, each consisting of one Class A Ordinary Share, and one-fourth of one redeemable warrant (“Units”), (ii) Class A Ordinary Shares and (iii) redeemable warrants included as part of the Units (each, a “Warrant”), each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 (collectively, the “Securities”) of the Company. NYSE American reached its decision to delist the Company’s Securities pursuant to Sections 119(b) and 119(f) of the NYSE American Company Guide because the Company failed to consummate a business combination (i) within 36 months of the effectiveness of its initial public offering registration statement or (ii) such shorter period that the Company specified in its registration statement. The Company has a right to a review of the Staff determination to delist the