10-Q - Chain Bridge I (0001845149) (Filer)

Tue, Nov 19, 10:35 PM (55 days ago)

For the quarter ended September 30, 2024, Chain Bridge I (CBRRF) reported a net income of $624,000, contrasting with a net loss of $472,000 in the same period of 2023. Total revenue was primarily driven by investment income of $148,000 and gains from the change in fair value of derivative liabilities totaling $882,000. However, general and administrative expenses surged to $421,658 from $170,242 year-over-year. The company’s cash position improved to $428,625, yet it faced a working capital deficit of $486,351. Chain Bridge I's total assets significantly declined to $12,093,253 from $45,363,280 as of December 31, 2023, primarily due to redemptions and a decrease in investments held in the Trust Account. The company has until November 15, 2025, to complete a business combination, following an extension approved by shareholders. However, uncertainties loom as the company anticipates potential delisting from Nasdaq due to failure to meet listing criteria, which could impact future operations and liquidity. The upcoming business combination with Phytanix Bio is crucial for its operational continuity.