Mon, Aug 19, 7:49 PM (148 days ago)
Breeze Holdings Acquisition Corp. reported a net income of $17,103,566 for Q2 2024, primarily driven by a significant gain from changes in the fair value of warrant liabilities. However, the company recorded a net loss of $4,912,173 for the first half of 2024, compared to a loss of $2,164,561 in H1 2023. As of June 30, 2024, total assets decreased to $10,691,560 from $13,243,673 at year-end 2023, with cash held in trust dropping significantly. Current liabilities rose sharply to $15,750,253, leading to a working capital deficit of $9,523,707. The company is in the process of extending its deadline for completing a business combination, with stockholder approval allowing extensions through December 2024. Risks include potential impacts from global conflicts affecting capital markets and the uncertainty surrounding the excise tax on stock repurchases. The company faces liquidity challenges, relying on loans from its sponsor to fund operations and transaction costs. Overall, while recent financial performance shows volatility, the company remains focused on completing a business combination amid significant operational uncertainties.