Fri, Aug 2, 1:05 PM (225 days ago)
Hudson Acquisition I Corp. reported a net loss of $82,504 for Q1 2024, compared to a net income of $290,779 in Q1 2023. The company did not generate operating revenues and incurred general and administrative expenses of $282,344 and franchise tax expenses of $50,000. Interest earned on marketable securities held in the trust account was $340,660. Cash balance as of March 31, 2024, was $12,604, with $26,235,157 held in the trust account. The company faces liquidity issues with a working capital deficit of $1,361,437 and may need additional financing. Management acknowledges substantial doubt about the company's ability to continue as a going concern if a business combination is not consummated by October 18, 2025. The company is also dealing with multiple delisting notices from Nasdaq.