Wed, May 15, 8:41 PM (72 days ago)
Coliseum Acquisition Corp., a blank check company, reported a net loss of $241,883 for Q1 2024, compared to a net income of $698,754 in Q1 2023. The loss was primarily due to $337,620 in general and administrative expenses and changes in fair value of warrant liabilities and non-redemption agreements. Interest income from the Trust Account partially offset these losses. The company had no cash outside the Trust Account and a working capital deficit of $2,672,158 as of March 31, 2024. Significant changes include the waiver of a $5,625,000 deferred underwriting fee and the issuance of a $1.5 million convertible note to the New Sponsor. The company also entered into non-redemption agreements, resulting in a contingent liability of $274,816. Management has raised substantial doubt about the company's ability to continue as a going concern, given liquidity constraints and mandatory liquidation risks if a business combination is not completed by June 25, 2024, extendable to September 25, 2024.