Mon, Aug 19, 9:26 PM (148 days ago)
For the quarter ending June 30, 2024, Investcorp Europe Acquisition Corp I reported a net loss of $899,833, contrasting with a loss of $3,752,723 in the same period last year. The company incurred $3,355,845 in formation and operating costs, while recognizing a $2,546,926 gain from the forgiveness of legal fees and $1,282,016 in interest income. The total assets decreased to $107,009,713 from $127,940,859 at year-end, largely due to redemptions from public shareholders, which left $106,759,103 in the Trust Account. Current liabilities rose to $18,575,150, driven by increased accounts payable and a new note payable to the target. The company has $182,038 in cash outside the Trust Account, highlighting liquidity challenges as it prepares for a potential business combination by December 17, 2024. The ongoing business combination process is subject to risks, including market volatility and regulatory compliance, which could impact future operations and financial stability. The management has recognized substantial doubts about the company's ability to continue as a going concern if the business combination does not occur within the specified timeframe.