Wed, May 15, 9:37 PM (252 days ago)
Battery Future Acquisition Corp. (BFAC) reported a net income of $3.45 million for Q1 2024, driven by a $1.27 million favorable change in the fair value of warrant liabilities, $1.61 million in debt forgiveness, and $669,170 in interest earned from the Trust Account. The company’s cash position decreased to $32,949 from $111,819 at the end of 2023, and it had a working capital deficit of $36,892. Significant changes include the cancellation of 16.3 million private placement warrants and the forgiveness of $6.43 million in promissory notes. The company held $57.38 million in the Trust Account as of March 31, 2024. BFAC extended its business combination deadline to June 17, 2024, and executed a merger agreement with Class Over Inc., valuing the target at approximately $135 million. The company remains in search of a business combination and faces liquidity challenges, raising substantial doubt about its ability to continue as a going concern if a business combination is not completed by the deadline.