Wed, Aug 14, 8:31 PM (153 days ago)
Battery Future Acquisition Corp. reported a mixed financial performance for the quarter ending June 30, 2024. The company recorded a net income of $695,102, a decrease from $1,625,617 in the same quarter of 2023. This decline was primarily due to reduced interest income from investments held in trust, which fell to $646,987 from $2,872,942 year-over-year. General and administrative expenses were significantly lower at $193,385 compared to $1,521,916 in the previous year. As of June 30, 2024, the company's cash and cash equivalents stood at $15,213, down from $111,819 at year-end 2023. The working capital deficit also improved to $(230,278) from $(4,614,345). The balance in the Trust Account decreased to approximately $41.4 million, reflecting significant redemptions by shareholders. The company has until June 17, 2025, to complete a business combination, but faces liquidity uncertainties. Future operations may be impacted by ongoing market conditions and the need for additional financing to support transaction costs. Overall, the company remains in a precarious position, with substantial doubt about its ability to continue as a going concern if no business combination is achieved by the deadline.