10-Q - Bukit Jalil Global Acquisition 1 Ltd. (0001956055) (Filer)

Thu, Aug 15, 6:32 PM (30 days ago)

For the quarter ending June 30, 2024, Bukit Jalil Global Acquisition 1 Ltd. reported a net income of $551,806, a significant improvement from a net loss of $129,274 in the same quarter of the previous year. This change is primarily attributed to $789,818 in interest and dividend income from investments held in the Trust Account, offset by $238,012 in operating costs. The company continues to face liquidity challenges with cash decreasing to $54,466 from $295,372 at year-end 2023, resulting in a working capital deficit of $231,238. Investments in the Trust Account increased to $61,455,203 from $59,884,239, reflecting a growth in asset management. The company is under pressure to complete a business combination by June 30, 2024, with an extension option available. Following shareholder approval for amendments to its governing documents, the company redeemed 2,820,485 ordinary shares, paying out $30,153,549. Furthermore, it has entered into a business combination agreement with GIBO Holdings Limited, aiming for a merger valued at $8.28 billion. Overall, the company’s future operations hinge on successful capital acquisition and timely business combination completion amidst ongoing operational costs.