Tue, May 14, 5:36 PM (206 days ago)
Aetherium Acquisition Corp. reported its financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Financial Position**: The company had total assets of $34.02 million, primarily held in a trust account. Current liabilities stood at $9.69 million, leading to a working capital deficit of $5.67 million. 2. **Revenue and Income**: No operating revenues were generated. The company recorded a net loss of $83,777 for the quarter, compared to a net income of $658,134 in the same period last year. This loss was driven by operating costs of $459,347, franchise tax of $50,000, and income tax provision of $99,835. 3. **Cash Flow**: Cash flow from operating activities was negative $200,073, with net cash used in investing activities at $565,898. Financing activities provided $766,148, resulting in an ending cash balance of $181. 4. **Trust Account**: The trust account held $34.02 million in cash as of March 31, 2024, following a shift from money market funds to mitigate regulatory risks. 5. **Extensions and Redemptions**: The company extended its business combination deadline multiple times, resulting in extension loans totaling $1.65 million. Significant redemptions occurred, with 1,288,718 shares redeemed, reducing the trust account by approximately $14.19 million. 6. **Going Concern**: The company has raised substantial doubt about its ability to continue as a going concern if it fails to complete a business combination within the prescribed period. 7. **Business Combination**: Aetherium entered into a definitive agreement for a business combination with Capital A Berhad, with the transaction expected to close in the second half of 2024. Overall, Aetherium Acquisition Corp. faces challenges related to its working capital deficit and the need to complete a business combination to ensure its continued operations.