Thu, May 23, 10:04 AM (422 days ago)
AIB Acquisition Corporation, a blank check company, reported a net loss of $399,622 for Q1 2024, primarily due to general and administrative expenses of $521,578, offset by $121,956 in interest income. The company has a working capital deficit of $2,163,786 and minimal operating cash. Notably, AIB is facing delisting from Nasdaq due to non-compliance with listing requirements, with its securities transitioning to OTC Markets. Extensions for business combination deadlines have been approved, with the latest extension pushing the deadline to January 21, 2025. The company continues to seek a business combination, notably with PSI Group Holdings Ltd, as outlined in a December 2023 agreement. The financial health remains precarious with substantial doubts about its ability to continue as a going concern.