Tue, Nov 19, 9:25 PM (17 days ago)
Investcorp AI Acquisition Corp (IVCA) reported a net loss of $229,238 for Q3 2024, contrasting with a net income of $1,210,015 in Q3 2023. For the nine months ending September 30, 2024, the company achieved a net income of $1,786,538, down from $6,755,292 in the same period last year. Revenue primarily stemmed from interest income on marketable securities, totaling $965,870 for Q3 2024, down significantly from $2,503,463 in Q3 2023. The company’s cash position decreased to $73,202, with a working capital deficit of $3,122,377. The Trust Account held $17,169,326, a substantial drop from $108,031,746 at year-end 2023, attributed to redemptions in connection with a business combination extension. The company successfully extended its deadline to complete a business combination to May 12, 2025, after redeeming approximately $95.4 million of Class A shares. Investcorp is actively pursuing a merger with Bigtincan Holdings Limited, with ongoing negotiations and due diligence. However, uncertainties persist regarding the ability to complete a business combination within the stipulated timeframe, raising concerns about its going concern status.