Mon, Aug 19, 7:13 PM (148 days ago)
For the quarter ended June 30, 2024, ExcelFin Acquisition Corp. reported a net loss of $858,731, marking a decrease from the $2,378,294 loss in the same quarter of 2023. Total expenses for the quarter were $1,015,684, primarily due to administrative costs, while interest income from the trust account contributed $198,002. Cash held in the trust account decreased to $17,103,287 from $23,995,629 at the end of 2023, reflecting significant redemptions by shareholders totaling approximately $224 million, leaving a balance of about $16.8 million post-redemption. The company continues to face liquidity challenges with a working capital deficit of $12,880,452. A working capital loan of $1,296,654 is due by December 2024. Management has expressed substantial doubt about the company's ability to continue as a going concern if it fails to complete a business combination by the end of the extension period in December 2024. The ongoing geopolitical tensions and recent SEC regulations pose additional uncertainties to future operations. The company is actively seeking to finalize a business combination to utilize the remaining funds effectively.