Thu, Sep 26, 8:02 PM (85 days ago)
Relativity Acquisition Corp. reported a net loss of $2,305,489 for the fiscal year ended December 31, 2023, contrasting with a net income of $4,752,894 in 2022. Revenue primarily stemmed from interest income of $81,536 on investments held in a trust account, which totaled approximately $1,746,543. The company faced significant operating expenses of $2,300,807, primarily related to general and administrative costs. The firm has been actively seeking a business combination, focusing on the cannabis industry but open to other sectors. Although it initially aimed for a combination by February 15, 2024, this deadline was extended to February 15, 2025, following stockholder approval. The company has faced liquidity challenges, with only $7,131 in cash and a working capital deficit of $1,613,412 as of year-end 2023. Risks include reliance on the successful completion of a business combination to generate revenue, potential claims against the trust account, and compliance with Nasdaq listing requirements. The company’s stock was delisted from Nasdaq, and trading was halted due to non-compliance with minimum listing standards.