Mon, Jul 15, 12:37 PM (54 days ago)
Aura FAT Projects Acquisition Corp, a blank check company incorporated in the Cayman Islands, reported its financial results for the quarter ended May 31, 2024. The company has not commenced operations and is focused on identifying a target for a business combination. As of May 31, 2024, it had $677 in cash and a working capital deficit of $2,259,145. The Trust Account held $31,740,998, primarily in U.S. Treasury securities. Operating costs for the quarter were $216,854, leading to a loss from operations. However, the company reported a net income of $218,246 for the quarter, driven by $415,424 in interest income from marketable securities in the Trust Account and an unrealized gain of $18,760. For the six months ended May 31, 2024, net income was $443,198. The company extended its deadline for completing a business combination to July 18, 2024, by depositing $50,000 into the Trust Account for each one-month extension. It is in discussions for a business combination with Allrites Holdings Pte Ltd., with a proposed exchange consideration of 9.2 million Class A ordinary shares valued at $92 million. The company faces liquidity challenges and substantial doubt about its ability to continue as a going concern if it does not complete a business combination by the deadline.