Fri, Aug 16, 9:00 PM (151 days ago)
For the quarter ended June 30, 2024, Chain Bridge I reported a net loss of approximately $448,000, contrasting sharply with a net income of $1.8 million in the same period of 2023. This decline is attributed to an increase in general and administrative expenses, totaling $593,000, alongside losses from changes in fair value of derivative liabilities. The company's cash position diminished to $2,267, down from $3,898 at the previous quarter's end, with a significant working capital deficit of $897,928. Total assets decreased to $11.4 million from $45.4 million due to substantial redemptions of Class A ordinary shares. The company has until November 15, 2024, to consummate a business combination; failure to do so may force liquidation. The report highlights ongoing uncertainties, including geopolitical risks and market conditions that could adversely affect future operations. The company’s liquidity remains a concern, with management indicating substantial doubt about its ability to continue as a going concern without a successful business combination.