Tue, May 14, 9:23 PM (270 days ago)
FTAC Emerald Acquisition Corp. experienced significant changes in its financial position during the quarter ended March 31, 2024. The company reported a net loss of $824,042, driven by general and administrative expenses, non-redemption agreement expenses, and interest expenses, which were partially offset by interest income from investments held in the Trust Account. The company’s cash position improved to $136,954 from $29,844 at year-end 2023, primarily due to withdrawals from the Trust Account to pay taxes and redemption of common stock. However, the company’s working capital deficit increased to $4,958,974. Key changes include a substantial reduction in investments held in the Trust Account, from $165,653,149 to $51,171,024, following redemptions of Class A common stock totaling approximately $212 million. Additionally, the company entered into non-redemption agreements and a subscription agreement to secure funding for working capital and potential extension costs. FTAC Emerald faces substantial doubt about its ability to continue as a going concern if it does not complete a Business Combination by December 20, 2024. The company must manage liquidity carefully and may need additional financing to meet its obligations and complete a Business Combination.