Tue, May 21, 10:10 AM (67 days ago)
Focus Impact Acquisition Corp. (FIAC) reported a net loss of $2,234,269 for Q1 2024, compared to net income of $1,522,559 in Q1 2023. Operating costs increased significantly to $1,687,227 from $494,328 in the prior year, and there was a $681,000 loss from changes in the fair value of warrant liabilities. Interest income from the trust account decreased to $253,990 from $2,534,447. FIAC's cash position also declined, with $41,577 in cash and $19,205,223 held in the trust account as of March 31, 2024, down from $224,394 and $62,418,210 respectively at the end of 2023. The company extended its deadline to complete a business combination to June 1, 2024, which can be further extended to November 1, 2024, with required funding. FIAC is actively pursuing a merger with DevvStream Holdings Inc., with an expected closing date of June 12, 2024. The merger will involve a complex equity conversion and issuance structure. The company faces liquidity challenges and uncertainties related to economic conditions, regulatory changes, and potential excise tax impacts from stock redemptions.