Spark I Acquisition Corp-A 2024年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.Yes ; No ; Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes ; No ; Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files). Yes ; No ; Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filerSmaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ; Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report. ; If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements. ; Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ; Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ; No ; The aggregate market value of the registrant’s Class A ordinary shares held by non-affiliates of the registrant, based on the closing price of ashare of the registrant’s Class A ordinary shares on June 28, 2024, as reported by the Nasdaq Global Market (“Nasdaq”) on such date, wasapproximately $103.5 million. As of March 17, 2025, there were 10,000,000 Class A ordinary shares, par value $0.0001 per share, and 6,422,078 Class B ordinary shares, parvalue $0.0001 per share, issued and outstanding. DOCUMENTS INCORPORATED BY REFERENCE None. TABLE OF CONTENTS PagePart I1Item 1.Business1Item 1A. Risk Factors17Item 1B. Unresolved Staff Comments55Item 1C. Cybersecurity55Item 2.Properties55Item 3.Legal Proceedings55Item 4.Mine Safety Disclosures55Part II56Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchasesof Equity Securities56Item 6.[Reserved]56Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations56Item 7A. Quantitative and Qualitative Disclosures About Market Risk61Item 8.Financial Statements and Supplementary Data61Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure61Item 9A. Controls and Procedures61Item 9B. Other Information62Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections62Part III63Item 10. Directors, Executive Officers and Corporate Governance63Item 11. Executive Compensation72Item 12. Security Ownership of Certain Beneficial Owners and Management and RelatedShareholder Matters72Item 13. Certain Relationships and Related Transactions, and Director Independence74Item 14. Principal Accounting Fees and Services77Part IV78Item 15. Exhibit and Financial Statement Schedules78Item 16. Form 10-K Summary79 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the safe harborprovisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements thatare not strictly historical statements of fact constitute forward-looking statements, including, without limitation,statements under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition andResults of Operations” and “Business” and are identified by words like “believe,” “expect,” “may,” “will,”“should,” “seek,” “anticipate,” or “could” and similar expressions. Forward looking statements in this AnnualReport on Form 10-K may include, for example, statements about: ●our ability to