The company was organized in 2024 by ST Sponsor II Limited, an experienced Asia-Pacific–based sponsor, with the singular objective of identifying a high-quality private business that is ready for the public markets. We raised $75 million in gross proceeds in our October 2024 initial public offering and listed on the Nasdaq Capital Market under the ticker symbol CHARU.
Substantially all of the net proceeds of the offering are held in a U.S. trust account pending the consummation of a business combination. The trust is invested in short-duration U.S. Treasury obligations or in money market funds that invest only in direct U.S. Treasury obligations.
We operate as a single-purpose listed company. We do not generate revenue, hold operating assets, or pursue speculative investments. Every cost incurred prior to a business combination is funded outside of the trust account, and all decisions are made with reference to public shareholders' redemption rights.