Wed, Aug 14, 6:37 PM (153 days ago)
For the quarter ending March 31, 2024, Healthcare AI Acquisition Corp. reported a net loss of $466,716, a significant increase from a loss of $225,709 in the same period the previous year. The company generated minimal interest income of $85,228 from its trust account investments, down sharply from $2,362,839 year-over-year. The total assets stood at approximately $6.73 million, with liabilities increasing to $1.76 million, primarily due to accrued offering costs and a substantial warrant liability of $1.02 million. The trust account balance decreased significantly, reflecting the redemption of 20,970,550 Class A shares totaling $221.29 million. The company has not yet identified a business combination target and continues to face uncertainties regarding its ability to complete a merger by the extended deadline of December 14, 2024. Management has raised concerns about liquidity, stating that current cash levels may not sustain operations for the next year without additional funding. The company is classified as an emerging growth company and remains under scrutiny for compliance with SEC regulations, which may impact future operations.