Tue, Nov 19, 10:10 PM (90 days ago)
TMT Acquisition Corp (TMTC) reported its quarterly results for the period ending September 30, 2024. The company generated a net income of $493,852 for Q3 2024 and $1,251,902 year-to-date, driven primarily by $863,959 in income from its Trust Account investments. Total expenses for the quarter were $370,107, reflecting formation and administrative costs. The company has a working capital deficit of $2,650,197, indicating liquidity concerns as it seeks to complete a business combination by June 2024. As of September 30, 2024, TMT held $67,059,866 in its Trust Account, a rise from $63,460,478 at the end of 2023, attributed to interest income. The company is currently negotiating a merger with eLong Power Holding Limited, valued at $450 million. However, substantial doubt exists regarding TMT's ability to continue as a going concern if it fails to secure additional financing or complete the merger within the designated timeframe. The company has also issued convertible notes totaling $1,965,000, primarily to related parties, to support operational expenses. Overall, TMT's financial health remains precarious as it navigates its initial business combination.