Wed, Aug 14, 8:43 PM (153 days ago)
For the quarter ending June 30, 2024, Onyx Acquisition Co. I reported a net loss of $29,313, contrasting with a net income of $188,428 in the same period of 2023, primarily due to increased operating costs. Operating costs for the quarter were $190,277, down from $316,307 year-over-year, while interest income from cash and marketable securities dropped significantly to $160,964 from $544,386. The company experienced a working capital deficit of $4,226,319 and held $26,410 in cash outside its trust account, indicating liquidity challenges as it approaches its mandatory liquidation deadline of November 5, 2024. The trust account balance decreased to $15,115,511 from $22,316,346, following redemptions of Class A ordinary shares. The company has not yet completed a business combination and is in discussions for a potential merger with Helios Investment Partners, valued at approximately $1 billion. However, uncertainties persist regarding the completion of this transaction and compliance with Nasdaq listing requirements, raising concerns about future operations and liquidity.