Wed, Jun 12, 8:07 PM (87 days ago)
HHG Capital Corporation's Q1 2024 10-Q reveals a net income of $358K, driven by $469K in dividend income from investments, offset by $111K in general and administrative expenses. The company reported a working capital deficit of $430K and cash totaling $32K. The company has been extending its deadline to complete a business combination through monthly deposits into a trust account, with the latest extension until June 23, 2024. Significant liquidity concerns persist, with substantial doubt about continuing as a going concern due to potential mandatory liquidation if a business combination is not concluded by September 23, 2024. The company has been reliant on promissory notes from its sponsor to finance operations.