Aimei Health Technology Co., Ltd

What they do

The company was incorporated on April 27, 2023 as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination. It seeks to acquire small cap businesses in the biopharmaceutical, medical technology and device industries, as well as in the diagnostic and other services sector. It has no specific business combination under consideration and has not had substantive discussions with any prospective target. Its only activity to date has been its December 2023 IPO of 6,000,000 units at $10.00 per unit and a related private placement to its sponsor.

Revenue drivers

• No operating revenue — The company is a blank check company and has not generated any revenue from operations; its net income reflects interest and other non-operating items.

Recent performance

Net income was $2.6 million in 2024 and $1.1 million in 2025. Operating cash flow was negative $672,289 in 2024 and negative $565,100 in 2025. As of June 30, 2026, total assets were $12.5 million, total liabilities were $4.5 million, and shareholder equity was negative $4.5 million. The company has not reported any revenue from operations.

Strategy

The company's stated strategy is to identify and consummate an initial business combination with a small cap business in the biopharmaceutical, medical technology and device industries, or in the diagnostic and other services sector. It entered into a definitive Business Combination Agreement with United Hydrogen Group Inc. on June 19, 2024, which was amended on June 6, 2025. That agreement was terminated on July 8, 2026. The company has since taken on several direct financial obligations and received delisting notices. Management has not announced a replacement transaction.

Risks

• No business combination — The company has not completed an initial business combination and may be unable to identify or consummate one before its deadline, potentially requiring liquidation.
• Delisting — The company received delisting notices on May 20, 2026 and August 25, 2026, indicating listing-rule failures that could remove its securities from trading.
• Terminated agreement — The United Hydrogen Business Combination Agreement was terminated on July 8, 2026, leaving the company without a pending transaction.
• Negative equity — Shareholder equity was negative $4.5 million as of June 30, 2026, and the company has negative operating cash flow.

Outlook

Management has not provided specific guidance or a timeline for identifying a new business combination. The company faces delisting and must address its listing-rule failures while seeking a target. Its ability to complete a transaction depends on raising additional funds and obtaining shareholder approval. The company has disclosed no alternative strategic plan beyond pursuing a business combination.