Fri, Jun 28, 8:06 PM (260 days ago)
Newbury Street Acquisition Corp. filed its Form 10-Q for the quarter ended March 31, 2024. The company, a SPAC, reported a net loss of $186,075 for the quarter, primarily due to operating costs of $291,607, franchise tax expense of $46,900, and income tax expense of $58,235, offset by dividend income of $204,564. The company had $21.95 million in its trust account as of March 31, 2024, down from $21.58 million at the end of 2023, primarily due to redemptions and tax payments. Significant redemptions occurred in connection with extensions of the business combination period, with $78.77 million and $32.00 million removed from the trust account in April and October 2023, respectively. The company has extended its deadline to complete a business combination to September 25, 2024. The company faces liquidity challenges and substantial doubt about its ability to continue as a going concern through this date.