Tue, Jun 11, 4:05 PM (88 days ago)
Arogo Capital Acquisition Corp.’s 10-Q filing for the quarter ended March 31, 2024, provides key insights into its financial health and operational status. The company, a blank check entity, is focused on effecting a merger or similar business combination, having raised $103.5 million through its IPO on December 29, 2021. As of March 31, 2024, Arogo reported a net loss of $188,723, with operating costs and franchise taxes totaling $394,592, offset by $251,129 in unrealized gains from marketable securities. The company holds $19.5 million in trust, with $78,427 in cash outside the trust. Notably, the company extended its deadline to complete a business combination to December 29, 2024, following shareholder approvals and significant redemptions. The termination of a merger agreement with EON Reality, Inc. was also highlighted. Concerns about going concern status were raised due to the need for additional funds to meet operational and acquisition costs. The company faces uncertainties related to market conditions and regulatory changes, which could impact its ability to consummate a business combination.