Bowen Acquisition Corp

Bowen Acquisition Corp, a Cayman Islands SPAC that raised $69M in its July 2023 IPO, filed its FY2025 10-K showing a net loss of $1,557,695 versus net income of $2,963,852 in FY2024. The loss was driven primarily by a $1,929,656 loss on issuance of a Forward Purchase Agreement. The company has extended its business combination deadline multiple times — most recently to June 14, 2026 — and has seen massive redemptions, with only 2,266,500 non-redeemable shares remaining. The pending merger with Shenzhen Qianzhi BioTech (announced January 2024) remains unclosed. Nasdaq issued a delisting letter;

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A SPAC with a signed deal since January 2024 that still hasn't closed, now fighting Nasdaq delisting while burning cash and bleeding redemptions — this is a high-risk clock-ticking situation.

SPACs continue to face headwinds with high redemption rates and regulatory scrutiny. Bowen's repeated extensions and shrinking trust — from $60M IPO to ~$7.9M in assets — reflect the broader SPAC winter where de-SPAC deals stall and sponsors burn cash on extensions.

Nasdaq delisting risk is acute — the company received a delisting determination letter in July 2025 and is appealing. The going concern warning is explicit: no operating revenues, reliance on trust account interest and sponsor loans. Redemptions have shrunk the trust; only ~$7.9M in total assets as