Tue, May 21, 10:11 AM (66 days ago)
ARYA Sciences Acquisition Corp IV filed an amendment to its Q1 2024 10-Q report, primarily for technical adjustments in XBRL files without changing the amounts or disclosures. The company reported a net loss of $245,847 for the quarter, driven by $611,740 in general and administrative expenses, offset by $1,274,547 gain on extinguishment of legal expenses and $511,751 interest earned on cash and investments. As of March 31, 2024, the company held $87,505 in cash and had a working capital deficit of $12,004,682. The company has extended its deadline to complete a business combination to March 2025, with monthly deposits into the trust account funded by convertible promissory notes from the sponsor. Significant redemptions of Class A shares have reduced the outstanding shares to 3,799,016. The company is pursuing a business combination with Adagio Medical, involving complex financing arrangements including PIPE and convertible notes, which are contingent on the business combination closing. The company faces going concern issues due to its working capital deficit and reliance on completing the business combination.