10-Q/A - Healthcare AI Acquisition Corp. (0001848861) (Filer)

Fri, Aug 16, 1:53 PM (30 days ago)

Healthcare AI Acquisition Corp. reported a net loss of $466,716 for Q1 2024, a significant increase from the previous year's loss of $225,709. The company had $212 in its operating bank account and a working capital deficit of approximately $608,579 as of March 31, 2024. The Trust Account balance decreased drastically to $6,674,018, primarily due to the redemption of 20,970,550 Class A shares. The company has extended its deadline to complete a business combination to December 14, 2024, but uncertainties remain regarding its ability to do so. The company has not generated operational revenues and anticipates increased expenses related to public company compliance. It faces liquidity challenges, relying on potential loans from sponsors for future operations. Management has expressed substantial doubt about the company's ability to continue as a going concern if a business combination is not completed in the specified timeframe. Overall, the financial health remains precarious with significant reliance on future transactions to stabilize its position.