Thu, May 23, 10:03 AM (151 days ago)
Iris Acquisition Corp's quarterly report for the period ending March 31, 2024, highlights several key financial and operational metrics. The company reported a net loss of $858,231, driven primarily by formation and operating costs of $721,754 and a loss on the change in fair value of warrant liabilities amounting to $178,734. Interest income from marketable securities held in the Trust Account was $47,241. The balance sheet shows total assets of $4,626,301, with current assets at $1,507,562, including cash of $201,537 and restricted cash held in the Trust Account of $1,265,669. Total liabilities stood at $17,160,973, with significant components being accounts payable and accrued expenses of $2,402,685 and a deferred underwriting fee payable of $9,660,000. The company faces liquidity challenges, evidenced by a working capital deficit of approximately $5,438,233. Management has raised substantial doubt about the company's ability to continue as a going concern if it fails to complete a business combination by September 9, 2024. Recent activities include amendments to the Business Combination Agreement with Liminatus Pharma and extensions for completing the business combination. Additionally, stockholders approved extensions for the deadline to consummate a business combination, with significant redemptions of Class A common stock.