Fri, Aug 16, 8:17 PM (151 days ago)
For the quarterly period ended June 30, 2024, Distoken Acquisition Corporation reported a net loss of $127,932, a significant decrease from the net income of $437,354 in the same period last year. Operating costs surged to $687,000 from $203,128, while interest income from investments in the Trust Account fell to $548,222 from $874,662. The Trust Account held $42,710,277 in investments, reflecting a slight increase from $41,440,980 at year-end 2023. Total liabilities rose to $2,195,046, driven by increased accounts payable and accrued expenses. The company faced substantial shareholder redemptions, which reduced its outstanding public shares to 3,881,692. The ongoing liquidity concern is underscored by a $240,000 borrowing under the Extension Note, with plans to extend the business combination deadline to November 2024. The management expresses uncertainty about completing a business combination, which is critical for future operations. The company's financial health is hindered by rising operational costs and regulatory changes impacting SPAC transactions, raising doubts about its ability to sustain operations without significant capital infusion.