Wed, May 15, 10:21 AM (205 days ago)
Bukit Jalil Global Acquisition 1 Ltd. (the "Company") is a blank check company focused on merging with one or more businesses. As of March 31, 2024, the Company reported total assets of $60.8 million, primarily held in a Trust Account. Current assets decreased to $149.6 thousand from $397.1 thousand as of December 31, 2023, mainly due to a reduction in cash and prepaid expenses. Current liabilities stood at $142.8 thousand. The Company generated a net income of $548.5 thousand for Q1 2024, primarily from $781.1 thousand in dividend income on Trust Account investments, offset by $232.7 thousand in operating costs. This compares to a net income of $290 for Q1 2023. Cash flow from operating activities was negative $263.9 thousand for Q1 2024. The Company raised $57.5 million through its IPO and an additional $4.2 million from a private placement, with proceeds placed in a Trust Account. However, with only $31.5 thousand in cash and a working capital of $6.8 thousand, the Company faces substantial doubt about its ability to continue as a going concern without additional funding or successful completion of a business combination by June 30, 2024.