Papaya Growth Opportunity Corp I-A 2024年度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to 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 reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 ofthe Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section13(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 its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ Auditor Firm ID:2468| Auditor Name:Citrin Cooperman & Company, LLP| Auditor Location:New York, NY If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection 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 compensation received by any of theregistrant’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 Act). Yes☒No☐ As of June 28, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s votingsecurities held by non-affiliates was approximately $8.3million, based on the number of shares held by non-affiliates and the last reported sales price of the registrant’sClass A common stock as of that date. As of April 14, 2025, there were8,239,404shares of ClassA common stock, $0.0001 par value, andnoshares of ClassB common stock, $0.0001 par value,issued and outstanding. TABLE OF CONTENTS Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities47Item 6.Reserved48Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations48Item 7A.Quantitative and Qualitative Disclosures About Market Risk53Item 8.Financial Statements and Supplementary Data53Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure53Item 9A.Controls and Procedures53Item 9B.Other Information54Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections54 Item 10.Directors, Executive Officers and Corporate Governance55Item 11.Executive Compensation60Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters60Item 13.Certain Relationships and Related Transactions, and Director Independence61Item 14.Principal Accounting Fees and Services63 Item 15.Exhibits and Financial Statement Schedules65Item 16.Form 10-K Summary65 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Report, including, without limitation, statements under the heading “Management’s Discussion andAnalysis of Financial Condition and Results of Operations,” includes forward-looking statements within themeaning of Section27A of the Securities Act of 1933, or the Securities Act, and Section21E of the SecuritiesExchange Act of 1934, or the Exchange Act. These forward-looking statements can be identified by the use offorward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,”“plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negativeor other variations or comparable terminology. There can be no assurance that actual results will not materiallydiffer from expectations. Such statements include, but are not limited to, any statements relating to our ability toconsummate any acquisition or other busin