Thu, Jun 6, 10:04 AM (137 days ago)
Insight Acquisition Corp., a blank check company, reported a net loss of approximately $634,000 for Q1 2024, primarily due to general and administrative expenses, interest expense, and changes in derivative liabilities. The company has faced liquidity issues, with only $53,377 available in its operating bank account and a working capital deficit of $4.66 million. Significant redemptions of Class A common stock have reduced the trust account balance to approximately $10.99 million. The company has also entered into various agreements to secure additional funding, including a Subscription Agreement with Polar Multi-Strategy Master Fund. Management has expressed substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by June 7, 2024. Recent developments include the mutual termination of a business combination agreement with Avila Energy Corporation and the initiation of a new business combination agreement with Alpha Modus Corp. The company has also faced internal control issues, including unauthorized fund transfers, leading to management changes and additional oversight measures.