Mon, Aug 19, 8:47 PM (148 days ago)
As of June 30, 2024, BlueRiver Acquisition Corp. reported a significant decline in its financial position compared to December 31, 2023, with total assets decreasing from $20,219,293 to $17,509,008. Current liabilities rose to $7,599,662, leading to a working capital deficit of approximately $7.5 million. The company experienced a net income of $1,105,051 for Q2 2024, contrasting with a loss of $224,017 in Q2 2023, primarily due to a substantial gain from changes in fair value of derivative warrant liabilities. Cash flow from operations remained negative, with a net loss of approximately $1.4 million for the six months ended June 30, 2024. The firm has faced challenges, including trading suspensions and delisting from NYSE American, impacting liquidity and marketability of its shares. The company has extended its business combination deadline to August 2025, reflecting ongoing efforts to secure a target for acquisition amidst economic uncertainties. Future operations rely heavily on the successful completion of a business combination, with management expressing concern over the company's ability to continue as a going concern without additional funding.