Wed, Aug 14, 8:02 PM (153 days ago)
In its quarterly report for the period ending June 30, 2024, Blockchain Coinvestors Acquisition Corp. I reported significant financial shifts, with total assets decreasing from $27.8 million at year-end 2023 to $21.3 million. The decline was driven by a drop in investments held in trust, which fell from $23.2 million to $17.7 million. The company recorded a net loss of approximately $809,000 for Q2 2024, compared to a net income of $1.6 million for the same quarter in 2023. General and administrative expenses surged to $864,000, highlighting increased operational costs. The company’s cash position improved, ending the quarter with $324,294, but it also faced a working capital deficit of $4.2 million. The company extended its deadline to complete a business combination to November 15, 2024, amid ongoing liquidity concerns. The report emphasizes uncertainties related to future operations and the need for a successful business combination to avoid liquidation. Overall, the financial health appears strained, with significant reliance on the sponsor for working capital loans.