Thu, Aug 22, 4:31 PM (145 days ago)
Aetherium Acquisition Corp. reported its quarterly results for the period ending June 30, 2024. The company has not engaged in operations and continues to focus on identifying a target for its business combination. As of June 30, 2024, total assets decreased to $19,350 from $32,931 in December 2023, primarily due to significant redemptions of Class A common stock. Current liabilities rose to $9,674 from $8,516, influenced by increased accrued expenses and taxes payable. For Q2 2024, the company posted a net income of $106,312, a decline from $504,876 in Q2 2023, with decreased interest income from trust account investments. Operational costs increased, reflecting ongoing expenses related to being a public entity. The working capital deficit stood at $5,649,626, raising concerns about liquidity and the ability to fund future operations. The company has extended its business combination deadline multiple times, now until December 2024, necessitating additional funding to meet operational and transaction costs. The accrued excise tax due to recent redemptions totaled $1,030,655, further complicating financial stability. Overall, Aetherium Acquisition Corp. faces significant uncertainties as it strives to execute its acquisition strategy.