Mon, Nov 18, 11:04 AM (91 days ago)
Kairous Acquisition Corp. Limited (KACL) reported a net loss of $16,891 for the quarter ended September 30, 2024, a significant reduction from a net loss of $57,815 in the same quarter of 2023. Total operating expenses decreased to $230,774 from $357,484 year-over-year. The company holds $16,515,991 in a Trust Account, reflecting a slight increase from $16,152,108 at the previous quarter's end. Cash on hand was $6,103, indicating a working capital deficit of $3,516,611, raising concerns about liquidity and the ability to meet future obligations. The firm is pursuing a merger with Bamboo Mart Limited, with a revised merger consideration of $188 million, and an extended deadline for completion until March 31, 2025. The company has incurred substantial costs in its acquisition efforts, and its financial health remains uncertain due to ongoing losses and lack of operational revenue. Management expressed doubts about the company's ability to continue as a going concern unless the merger is successfully completed. The report highlights the need for careful monitoring of cash flows and operational strategies moving forward.