Fri, Nov 15, 9:35 PM (246 days ago)
For the quarter ended September 30, 2024, Israel Acquisitions Corp (ISRL) reported a net income of $810,926, down from $1,769,706 in the same period last year. The significant decline in income is attributed to a sharp reduction in cash and marketable securities held in trust, decreasing from $153,702,006 at year-end 2023 to $81,508,968. This reduction reflects the redemption of Class A ordinary shares, which totaled 7,115,385 during the period. Operating expenses included legal and accounting costs of $91,427 and administrative expenses of $30,000. The company has a working capital deficit of $1,047,973, highlighting liquidity challenges, with only $26,702 in cash outside the trust account. The Trust Account is intended to fund a future business combination, but the company must raise additional capital to sustain operations prior to any merger. Risks from geopolitical events, such as the ongoing conflict in Israel, further complicate future operations. The company has entered a non-binding letter of intent with Gadfin Aero-Logistics Systems for a potential business combination, reflecting ongoing efforts to identify suitable targets.