Thu, Apr 3, 10:02 AM (24 days ago)
### Summary of Marblegate Acquisition Corp. (GATE) 10-K **Financial Performance:** - **Revenue:** The company has not generated any operating revenue as it is in the process of identifying a target for a business combination. - **Net Income:** The company reported a net loss of $2,394,517 for the year ended December 31, 2024, primarily due to operating costs and changes in the fair value of warrant liabilities. - **Operating Expenses:** The company incurred $2,572,136 in operating and formation costs for the year ended December 31, 2024. **Strategic Overview:** - **Business Combination:** The company is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. - **Target Identification:** The company is focusing on identifying high-quality businesses that have recently undergone a restructuring. - **Management Team:** The management team has extensive experience in investing in post-restructured companies. **Future Outlook:** - **Business Combination:** The company must complete a business combination by April 5, 2025, or it will be required to liquidate and distribute the funds in the trust account to stockholders. - **Risk Factors:** The company faces risks related to its ability to complete a business combination, market conditions, and regulatory changes. **Risk Factors:** - **Business Combination Risk:** The company may not be able to complete a business combination within the required time frame. - **Market Risk:** The company's financial performance and ability to complete a business combination may be adversely affected by market conditions. - **Regulatory Risk:** Changes in regulations, such as the 2024 SPAC Rules, may affect the company's ability to complete a business combination. **Financial Condition:** - **Cash Position:** As of December 31, 2024, the company had $71,532 in cash outside of the trust account and $4,064,428 in the trust account. - **Liquidity:** The company has been using funds outside of the trust account to cover operating expenses and may need to raise additional capital. **Market Position Changes:** - **Nasdaq Listing:** The company's securities were delisted from Nasdaq due to its failure to complete a business combination within the required time frame. The company is seeking to have the combined company's securities listed on Nasdaq following the consummation of the DePalma Business Combination.