Fri, Jun 7, 8:17 PM (230 days ago)
Global Blockchain Acquisition Corp. (GBBK) reported a net loss of $6,400 for Q1 2024, primarily due to general and administrative costs of $283,498 and income tax provisions of $63,558, offset by $340,656 in interest income from marketable securities. The company has $476,952 in cash and $26,725,987 in marketable securities held in a Trust Account. GBBK extended its business combination deadline to June 12, 2024, with an option for further extension until November 12, 2024. The company entered into a merger agreement with Cardea Corporate Holdings, Inc., which will become a wholly-owned subsidiary upon closing. Significant redemptions reduced the Trust Account by $173.7 million, leaving $8.2 million. GBBK faces substantial doubt about its ability to continue as a going concern if a business combination is not completed by November 2024.