Updated December 10, 2025
Shares of Aimei Health Technology Co., Ltd. (NASDAQ: AFJK) have just delivered one of the wildest SPAC moves of 2025.
On Tuesday, December 9, the blank‑check company’s stock exploded from a prior close of $8.00 to an intraday high of $98.15, closing at $88.50 — a one‑day gain of about 1,006% on nearly 6.7 million shares traded. [1]
Pre‑market and after‑hours trading then saw the price briefly slump into the mid‑$40s, before fresh volatility pushed real‑time quotes back toward the high‑$80s on December 10. [2]
The catalyst? Yet another extension of Aimei’s long‑running plan to merge with United Hydrogen Group Inc., a Chinese hydrogen energy company, plus a tiny float, a large jump in percentage terms, and a lot of momentum‑trader attention. [3]
Below is a structured look at what’s happening with AFJK stock as of December 10, 2025, and what recent forecasts and analyses are saying.
AFJK Stock Today: Extreme Volatility Around a Tiny Shell
Market data from multiple platforms sketch the same picture: a small SPAC that suddenly traded like a meme stock.
- Close on Dec 9, 2025: $88.50, up $80.50 (+1,006.25%) from $8.00 the prior day. [4]
- Intraday range (Dec 9): roughly $9.38 – $98.15. [5]
- Volume: ~6.7 million shares, enormous versus its 6.1–6.12 million shares outstanding. [6]
- 52‑week range: about $6.75 – $98.15 after the spike. [7]
Technical and news services all register this as an extreme outlier:
- StockAnalysis shows AFJK’s market cap ballooning to roughly $540 million, with trailing EPS around $0.20, implying a trailing P/E north of 380x–420x at recent prices. [8]
- StockTitan notes a 12‑month gain of roughly 700% and around 6.1 million shares outstanding, highlighting how quickly a small-cap shell can become a statistical “monster” once traders pile in. [9]
After the regular‑session melt‑up, after‑hours trading saw AFJK fall about 46–47% toward the high‑$40s. Benzinga cites a move from the 1,006% rally to after‑hours levels around $47–$48, while MarketBeat’s forecast page shows extended‑hours prices near $47.5. [10]
Even pre‑market on December 10, data from StockAnalysis and Investing.com still showed AFJK in the $46–$47 zone, down almost half from the close but still massively above its pre‑spike levels. [11]
Real‑time quotes later in the session (via market data feeds) showed AFJK hovering again near the high‑$80s, underlining just how unstable the order book currently is. [12]
What Is Aimei Health Technology (AFJK)?
Despite the “Health Technology” name, Aimei is not an operating healthcare company today. It is a special purpose acquisition company (SPAC) — a “blank check” shell formed to acquire another business.
According to its prospectus and company profiles:
- Incorporated in 2023 and based in New York, Aimei Health Technology “does not have significant operations” and exists primarily to complete a merger, share exchange, or similar business combination. [13]
- The IPO raised 6,000,000 units at $10 each on NASDAQ in December 2023, with each unit containing one share and one right to receive 1/5 of a share upon a successful deal. [14]
- The original plan was to target small‑cap companies in biopharmaceuticals, medical devices and diagnostics, though the SPAC left itself flexibility to pursue opportunities in other sectors and geographies, including potentially China. [15]
In June 2024, Aimei announced a definitive business combination agreement with United Hydrogen Group Inc., a Chinese hydrogen energy producer and distributor. Reuters reported the deal values United Hydrogen at around $1.6 billion, with the merged company expected to list on Nasdaq. United Hydrogen’s revenue more than doubled to roughly $13.1 million in the year before the announcement. [16]
So AFJK today is essentially:
A cash shell holding funds in trust, plus a contract to merge with a hydrogen business in China — not a traditional “health tech” operator.
The Real Catalyst: Repeated Merger Deadline Extensions
SPACs have a limited window to complete a deal before they must liquidate and return cash to shareholders. Aimei has been repeatedly pushing that deadline out.
Key milestones:
- The SPAC originally raised nearly $70 million in its IPO trust account. [17]
- On multiple occasions in 2025, Aimei extended its business combination deadline one month at a time by depositing $150,000 into the trust, funded equally by its sponsor (Aimei Health Ltd.) and United Hydrogen via a non‑interest‑bearing, unsecured promissory note convertible into private units at $10 per unit. [18]
- An October 9, 2025 SEC‑filings recap from Investing.com notes that this October extension took the termination date from October 6 to November 6, 2025, and flagged a current ratio near 0.02, suggesting limited unrestricted cash relative to short‑term liabilities. [19]
By November, the structure changed:
- On November 4, 2025, Aimei filed an 8‑K announcing another $150,000 payment to extend the deadline to December 6, 2025 — described as the final extension permitted under its then‑existing Articles. [20]
- At a November 26, 2025 extraordinary general meeting, shareholders approved a new arrangement: extending the outside date for completing a business combination all the way to December 6, 2026 and amending the trust agreement to reduce the monthly extension payments. [21]
Fast‑forward to early December:
- A December 8 summary of Aimei’s latest 8‑K notes that roughly $34,330.96 was deposited into the trust to extend the deadline from December 6, 2025 to January 6, 2026, funded via another unsecured note from the sponsor and United Hydrogen. This is described as the 13th extension under the company’s Articles. [22]
In short: the liquidation clock has been pushed out by a full year, but only at the cost of a long string of monthly extensions and small promissory notes.
Why Did AFJK Suddenly Jump 1,000%?
Several news and analysis outlets have converged on the same basic facts about the move:
- TipRanks reports that AFJK, described as a New York‑based SPAC, surged about 1,006% on Tuesday before “crashing about 44% early Wednesday.” [23]
- Benzinga notes that shares jumped 1,006.25% in regular trading before falling around 46–47% after hours to roughly $47. [24]
- A CoinCentral write‑up and tech‑news recaps at TS2.Tech highlight Aimei as one of the top U.S. gainers of the day, emphasising the 13th extension, the $34k trust deposit, and the near‑10x intraday spike. [25]
Taken together, the drivers look more technical than fundamental:
- Extension removes near‑term liquidation risk
The shareholder vote and subsequent 8‑K mean AFJK is no longer facing an imminent “liquidate and return ~$10 per share” scenario in December 2025; instead, it has up to December 2026 (with monthly payments) to close the United Hydrogen deal. [26] - Tiny float and SPAC structure
With only about 6.1–6.12 million shares outstanding and much of the capital sitting in a trust, the effective tradable float is likely small, making the stock susceptible to outsized moves when volume spikes. [27] - Momentum and “top gainer” feedback loop
Once AFJK appeared on “top gainers” and volatility screens, more day traders, quant systems and social‑media chatter were funneled into the same thin order book, amplifying the move. - SPAC optionality narrative
With a proposed merger into a hydrogen energy story at a headline $1.6 billion valuation, it’s easy for speculative narratives (“future hydrogen play,” “China green energy listing”) to take hold, even though AFJK itself still has no operating business. [28]
Crucially, there was no new revenue announcement, no major earnings surprise, and no closing of the merger on December 9 — just another extension and a cascade of speculative trading.
Fundamentals: A Cash Box With Thin Liquidity
Recent filings and aggregated financial sites show a typical SPAC capital structure:
- No operating revenue: Both StockAnalysis and StockTitan show no trailing twelve‑month revenue, consistent with a shell company that has not yet acquired a business. [29]
- Small net income from interest: StockAnalysis estimates roughly $1.4 million in trailing 12‑month net income (about $0.20 per share), largely from interest on the cash in trust and accounting items, not from operations. [30]
- Negative operating income: StockTitan’s snapshot shows negative operating income of just over $1 million, again typical for SPACs whose only expenses are listing, legal and deal‑search costs. [31]
- Very low current ratio: Credit and SEC‑filing summaries at Investing.com and martini.ai point to a current ratio around 0.02–0.04, signalling that short‑term liabilities substantially exceed unrestricted current assets at the Aimei holding‑company level (trust assets are restricted for shareholders). [32]
Martini.ai’s credit note on Aimei underscores this mix of small profits, no revenue, and severe liquidity constraints, but also notes that the company’s debt is largely limited to unsecured promissory notes around the extension deposits, and that credit spreads have recently tightened, suggesting improving perceived credit quality from bond investors’ perspective. [33]
In other words:
AFJK is financially light: plenty of restricted cash in trust for public shareholders, very little free cash, no operating business yet, and small interest income that does not remotely justify a half‑billion‑dollar equity valuation on fundamentals alone.
Analyst Ratings and Third‑Party Forecasts
Wall Street and ratings services
Analyst and rating coverage is thin but cautious:
- MarketBeat’s AFJK forecast page shows a consensus rating of “Sell” based on a single Wall Street analyst over the last 12 months, with no published price target. [34]
- A separate MarketBeat news alert on the 52‑week high reiterates that Weiss Ratings recently reaffirmed a “Sell (D+)” grade and that AFJK’s valuation (P/E above 400x, 50‑ and 200‑day moving averages near $11) looks disconnected from its fundamentals. [35]
Institutional ownership is surprisingly high for such a small name:
- MarketBeat and SEC‑filing summaries indicate that roughly 45–46% of shares are held by institutions and hedge funds, with notable stakes from Quarry LP, Berkley W R Corp, Clear Street, Polar Asset Management and others. [36]
- A separate MarketBeat piece notes that CrossingBridge Advisors reported a stake of around $2.15 million, amounting to just over 3% of the company. [37]
These positions were generally built before the 1,000% spike, at far lower prices.
Technical forecast from StockInvest.us
Technical‑analysis platform StockInvest.us pushed out an updated AFJK forecast after Tuesday’s move: [38]
- It characterizes AFJK as a “hold/accumulate” candidate, upgraded from a prior “strong sell,” but explicitly labels the stock “very high risk” due to extraordinary volatility.
- The site notes a single‑day gain of ~833% from $8.21 to a model close around $76.65, with intraday ranges between $9.38 and $98.15 and an estimated daily volatility near 946%.
- Technical indicators such as short‑ and long‑term moving averages and MACD are currently flashing buy signals, but the RSI14 around 94 is described as “extremely overbought,” a classic warning flag.
- Its model expected AFJK to open around $61 on December 10 and oscillate within a wide range during the session, emphasizing that direction is essentially unpredictable in the very short term.
Taken at face value, these models say:
The short‑term technical trend is up, but the move is so extreme that risk management — not return chasing — dominates any reasonable trading plan.
How the United Hydrogen Deal Shapes the Long‑Term Story
The proposed merger with United Hydrogen Group Inc. is the only real fundamental anchor for AFJK:
- United Hydrogen is described as a “comprehensive hydrogen solution company in China,” involved in hydrogen production and distribution to help industrial customers cut carbon emissions. [39]
- The announced deal structure in mid‑2024 implied a $1.6 billion enterprise value for United Hydrogen, with the combined company listing on Nasdaq through Aimei’s SPAC. [40]
Since then, however, the transaction has faced multiple deadline extensions and has not yet closed. Each monthly extension funded by small promissory notes underlines a simple reality:
- If the merger closes successfully, AFJK shareholders will roll into a hydrogen‑energy operator with real revenue, but also with execution, regulatory and geopolitical risk tied to operating a Chinese energy business on U.S. markets. [41]
- If the transaction fails and no alternative target is found by the ultimate deadline (now December 2026), the SPAC could be forced to liquidate, returning only the trust value — usually close to the original $10 per share plus interest — while the current market price hovers many multiples above that level. [42]
That asymmetry — $10ish downside versus $80–$90 current price — is at the heart of why analysts remain skeptical even as traders chase the spike.
Key Risks for AFJK Stock
Pulling the pieces together, the main risk factors investors and traders are flagging include:
- Valuation disconnect
At a market cap over $500 million, no revenue, and ~$1–2 million in interest-driven net income, AFJK’s effective P/E in the hundreds is disconnected from any conventional SPAC valuation anchored on trust value or current earnings. [43] - Deal uncertainty and delay fatigue
Reaching a 13th extension — and now stretching the outside date to late 2026 — shows how long the transaction has been in process. Each delay introduces the risk that regulatory, market, or company‑specific factors derail the merger entirely. [44] - Liquidity and structural risk
The very low current ratio at the SPAC level means Aimei has little free cash outside the trust, relying on sponsor loans to keep extending the clock. While these notes are currently small and non‑interest‑bearing, they add complexity and potential dilution when converted to private units. [45] - Regulatory and geopolitical risk (China exposure)
Aimei’s own prospectus devotes extensive space to the legal and regulatory risks of doing a deal involving PRC operations, including cybersecurity, data, national‑security reviews and the possibility of being blocked from U.S. exchanges. [46] - Trading risk and crowding
With daily volatility approaching 200–900% in some models, AFJK is classified as “very high risk” by quantitative services. Tight spreads can disappear instantly, and stop‑loss orders may not execute at expected levels during gap moves. [47]
What This All Means for AFJK’s Outlook
From a news and analysis perspective as of December 10, 2025:
- News flow is almost entirely about deadlines and price action, not about new contracts, hydrogen projects, or revenue at United Hydrogen. The fundamental story has not changed nearly as much as the share price has. [48]
- Most formal analyst commentary is cautious, with the MarketBeat consensus sitting at “Sell” and no official price targets, while independent technical platforms describe AFJK as a speculative “hold” rather than a conviction buy. [49]
- Credit analytics paint a mixed picture: limited debt and tightening credit spreads, but also severe liquidity constraints and high uncertainty until an operating business actually lives inside the listed vehicle. [50]
This combination — SPAC optionality, hydrogen‑energy narrative, repeated extensions, thin float, and a spectacular price spike — places AFJK firmly in the category of highly speculative securities.
For long‑term investors, the central questions are:
- Will the United Hydrogen deal close on the revised timeline, and if so, what will the pro‑forma valuation and share count look like relative to the $1.6 billion headline value and current AFJK price? [51]
- If the deal stumbles, how likely is liquidation at roughly trust value near $10 per share, implying potential downside of 80–90% from current levels? [52]
Until those questions have clearer answers, the latest 1,000% surge looks less like a re‑rating based on fundamentals and more like a textbook case of SPAC‑era volatility.
References
1. stockanalysis.com, 2. www.benzinga.com, 3. www.reuters.com, 4. stockanalysis.com, 5. stockanalysis.com, 6. stockanalysis.com, 7. stockanalysis.com, 8. stockanalysis.com, 9. www.stocktitan.net, 10. www.benzinga.com, 11. www.investing.com, 12. www.investing.com, 13. www.sec.gov, 14. arc-group.com, 15. www.sec.gov, 16. www.reuters.com, 17. www.reuters.com, 18. www.investing.com, 19. www.investing.com, 20. www.stockinsights.ai, 21. longbridge.com, 22. www.stockinsights.ai, 23. www.tipranks.com, 24. www.benzinga.com, 25. coincentral.com, 26. www.tipranks.com, 27. stockanalysis.com, 28. www.reuters.com, 29. stockanalysis.com, 30. stockanalysis.com, 31. www.stocktitan.net, 32. www.investing.com, 33. martini.ai, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. www.marketbeat.com, 38. stockinvest.us, 39. finance.yahoo.com, 40. www.reuters.com, 41. www.reuters.com, 42. arc-group.com, 43. stockanalysis.com, 44. www.stockinsights.ai, 45. www.investing.com, 46. www.sec.gov, 47. stockinvest.us, 48. www.tipranks.com, 49. www.marketbeat.com, 50. martini.ai, 51. www.reuters.com, 52. arc-group.com
