Wed, Aug 21, 8:46 PM (146 days ago)
Hudson Acquisition I Corp. reported a net loss of $26,127 for Q2 2024, contrasting with a net income of $142,600 in Q2 2023. The company's cash position improved significantly, rising to $135,131 from $11,700 at year-end 2023, while cash held in the trust account decreased to $1,190,740 from $26,036,953. Total liabilities increased to $6,721,602, driven primarily by a rise in accounts payable and accrued liabilities. The company continues to face liquidity challenges, reflected in a working capital deficit of $2,006,280. In terms of operations, the company has not yet completed an Initial Business Combination, with the deadline extended to October 18, 2025. The company has also faced delisting from Nasdaq due to non-compliance with listing requirements, although it has requested a hearing to appeal this decision. Future operations may be impacted by ongoing market uncertainties and the need for additional funding to meet obligations. Overall, the financial health remains precarious, with substantial reliance on sponsor loans and the ability to extend operational timelines.