Wed, May 15, 8:38 PM (72 days ago)
Bellevue Life Sciences Acquisition Corp. reported a net loss of $60,430 for Q1 2024, down from a net income of $110,305 in Q1 2023. The decline was driven by increased general and administrative expenses, which rose to $450,781 from $278,102. Interest income from investments in the Trust Account increased to $480,824 from $417,728. The company held $3,637 in cash as of March 31, 2024, down from $15,419 at the end of 2023, and had a working capital deficit of $2,676,899. Current liabilities increased to $2,745,079 from $2,038,272. The company extended its deadline for consummating a business combination to November 14, 2024, and recorded a $359,957 excise tax liability due to shareholder redemptions. Bellevue Life Sciences is actively seeking a business combination, with recent promissory notes issued to address liquidity needs. The company's financial condition raises substantial doubt about its ability to continue as a going concern.