Tue, Sep 24, 10:02 AM (88 days ago)
Northern Revival Acquisition Corporation's (NRAC) Q2 2024 report highlights a continued struggle with financial performance, reporting a net loss of approximately $59,000 for the quarter, contrasting with a net income of $121,000 in Q2 2023. The company has experienced significant losses from operations, totaling $390,019 for the first half of 2024, against $1,514,981 in the same period last year. Cash reserves dwindled to $453, down from $1,465 at year-end 2023, while cash in the trust account decreased to $19.5 million from $21 million. The company is facing challenges with its business combination timeline, having extended deadlines to November 2024, following a delisting from Nasdaq due to non-compliance with listing rules. NRAC has also reported a working capital deficit of approximately $4.1 million and relies on sponsor loans for liquidity. The ongoing geopolitical tensions and inflationary pressures add uncertainty to future operations. The company’s ability to complete a business combination remains critical for its survival, with potential liquidation looming if targets are not met by the extended deadlines.