Fri, May 17, 8:35 PM (307 days ago)
Investcorp India Acquisition Corp's 10-Q for Q1 2024 shows a net income of $334,529, down from $2,012,699 in Q1 2023, mainly due to lower interest income and a higher change in warrant liability. Cash and cash equivalents decreased to $95,183 from $276,777 at the end of 2023, while total assets rose to $109,893,235 from $108,500,889. The company faces a working capital deficit of $1,688,619 and substantial doubt about its ability to continue as a going concern if no business combination is completed by August 12, 2024. Recent developments include an extension of the deadline for a business combination and additional funding from the sponsor. The company has not initiated operations and continues to seek a target for a business combination.