Thu, Aug 15, 1:05 PM (152 days ago)
Cactus Acquisition Corp. 1 Ltd. reported its quarterly financial results for the period ending June 30, 2024. The company's total assets decreased to $21,985,000 from $21,239,000 at year-end 2023, primarily due to a decline in cash and cash equivalents. The firm reported a net loss of $90,000 for the six months ended June 30, 2024, compared to a profit of $1,286,000 during the same period in 2023. Interest earned on marketable securities decreased significantly to $557,000 from $2,089,000, reflecting reduced cash balances. As of the reporting date, the company had $35,000 in cash and a working capital deficit of $546,000, indicating liquidity challenges. The firm has been actively seeking financing, including unsecured promissory notes totaling $1.1 million from sponsors to fund operations and potential business combinations. The company extended its business combination deadline to November 2, 2024, allowing more time to identify a target. However, substantial shareholder redemptions during recent extension meetings have raised concerns about cash resources and compliance with Nasdaq listing requirements. Future operations hinge on successful financing and completing an initial business combination.