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Cohen Circle Acquisition Corp. I, a blank check company with a market capitalization of $365 million based in Philadelphia, PA, has released its Passive Foreign Investment Company (PFIC) Annual Statement for the fiscal year 2024, as disclosed in a Form 8-K filing with the Securities and Exchange Commission today.
The company, trading on The Nasdaq Stock Market under the symbols CCIRU, CCIR, and CCIRW for its units, Class A ordinary shares, and warrants respectively, provided the statement to its Class A ordinary shareholders. Currently trading at $11.90, the stock has shown strong momentum with a 19.5% return over the past six months, according to InvestingPro data. The PFIC Annual Statement is a requirement for U.S. shareholders to make qualified electing fund (QEF) elections for their shares in a PFIC, which can affect the taxation of income and gains from those shares.
The release of this statement reflects the company’s compliance with U.S. tax regulations and its commitment to transparency for its investors. While the company maintains an excellent financial health score of 4.28 according to InvestingPro analysis, investors should note that it is not currently profitable, with earnings per share at -$0.06. The PFIC Annual Statement includes information necessary for shareholders to report their income from the PFIC in their own tax returns if they make the QEF election.
Cohen Circle Acquisition Corp. I, previously known as FTAC Artemis Acquisition Corp., underwent a name change on November 16, 2021. The company specializes in real estate and construction sectors and operates out of its principal executive offices located at 2929 Arch Street, Suite 1703, Philadelphia.
The company has declared that it is an emerging growth company, which under U.S. securities laws, allows for reduced reporting requirements and extended transition periods for complying with new or revised financial accounting standards.
The filing of this report is in line with the company’s regular disclosures and does not indicate any immediate operational changes or financial transactions. The details provided in the PFIC Annual Statement are based on the company’s performance and financial activities during the previous fiscal year.
This announcement is based on information contained in a press release statement filed with the SEC and does not constitute any form of financial advice or endorsement. For comprehensive analysis and additional insights, investors can access over 30 key financial metrics and exclusive ProTips through InvestingPro. Shareholders and potential investors are encouraged to review the full PFIC Annual Statement for complete details.
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