Fri, Jul 12, 8:58 PM (57 days ago)
Evergreen Corporation's Q2 2024 financial report highlights significant changes and financial metrics. The company, a blank check entity focused on vision sensing technologies, reported a net income of $834K for the quarter, driven by $1.03M in interest income from marketable securities, offsetting $199K in formation and operating costs. For the six months ending May 31, 2024, net income was $1.67M, with interest income of $2.11M against $446K in operating costs. Cash and marketable securities in the trust account decreased to $53.58M from $82.95M in November 2023 due to redemptions and operational expenses. Current liabilities rose to $5.27M from $4.08M, primarily due to increased extension and working capital loans. The company extended its business combination deadline multiple times, requiring monthly deposits into its trust account. Despite the extensions, substantial redemptions of ordinary shares were noted, impacting liquidity. Concerns about going concern were raised due to potential liquidity issues if a business combination isn't completed within the extended period, though management plans to secure additional funds if necessary. The company remains focused on completing its initial business combination within the stipulated timeframe.