Fri, Aug 16, 9:08 PM (151 days ago)
For the quarter ending June 30, 2024, INFINT Acquisition Corporation reported a net income of $174,050, down from $721,929 in the same quarter of the previous year. The decline is attributed to increased operating costs of $537,075 versus $496,846, despite interest income of $711,125 from marketable securities. Total assets decreased to $55,466,302 from $83,566,621, primarily due to reduced cash in the Trust Account, which fell to $55,457,522. Current liabilities rose to $5,420,899, reflecting higher accrued expenses. The company is under pressure with a working capital deficit of $5,412,119 and only $8,780 in cash available, raising concerns about its ability to sustain operations in the near term. The ongoing Business Combination with Seamless remains a focal point, with the expected close date around August 20, 2024. However, significant redemptions have occurred, impacting available funds for the transaction. The company has extended the deadline for the business combination to November 23, 2024, amidst uncertainties about future operations and potential liquidity challenges.