Wed, Mar 5, 1:22 PM (53 days ago)
Evergreen Corporation (Ticker: EVGR) filed its Amendment No. 1 to the Form 10-K for the fiscal year ended November 30, 2024, primarily to correct the date on the independent auditor's report. The company reported a net income of $1,769 (000s), down from $3,674 (000s) in the previous year, attributed to an increase in operating costs to $1,698 (000s) from $1,343 (000s). As of November 30, 2024, cash held in trust was approximately $55,412 (000s), down from $82,950 (000s) the prior year, reflecting significant redemptions by shareholders. The company has a working capital deficit of $6,831 (000s) and $4,553 (000s) in cash outside the trust account, raising concerns about its ability to continue as a going concern. EVGR's shares were delisted from Nasdaq and now trade on the OTC Pink market, impacting liquidity and market perception. The company is in the process of completing a business combination with Forekast Limited, valued at $105,000 (000s). The amendment does not alter other financial data or outlook, but highlights ongoing risks, including reliance on additional funding and regulatory compliance challenges.