Wed, May 15, 8:32 PM (205 days ago)
Blue World Acquisition Corporation reported its financial results for the quarter ending March 31, 2024. The company, a blank check entity, is focused on completing a business combination. During this period, the company extended its timeline for completing a business combination to June 2, 2024, with the possibility of further extensions up to November 2, 2024, by depositing $60,000 monthly into the trust account. Key Financials: - Net income for Q1 2024 was $212,762, primarily due to interest and dividend income from the trust account. - Operating costs for Q1 2024 were $299,083. - Cash and investments in the trust account decreased to $43.03 million from $70.19 million due to redemptions. - The company has a working capital deficit of $2.93 million. - Additional funding was secured through promissory notes totaling $1.97 million, primarily used for extending the business combination timeline. The company continues to face uncertainties, including potential liquidation if it fails to complete a business combination within the specified period.