Tue, Jul 23, 10:03 AM (46 days ago)
Northern Revival Acquisition Corporation (NRAC), a blank check company, filed its annual report for the fiscal year ending December 31, 2023. The company, incorporated in 2020 in the Cayman Islands, aims to complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, focusing on the software and tech-enabled services sectors. Key Financials: - NRAC has not commenced operations and has no operating revenues. - As of December 31, 2023, NRAC had approximately $1,500 in cash and a working capital deficit of around $3.5 million. - The company reported a net loss of approximately $41,000 for 2023, primarily due to general and administrative expenses and changes in the fair value of financial instruments. - As of July 22, 2024, NRAC held approximately $19.5 million in its trust account. Strategic Developments: - NRAC entered into an amended and restated business combination agreement with Braiin Limited, valuing the transaction at $572 million. - The company has extended its deadline to complete a business combination to August 4, 2024. - Significant shareholder redemptions have occurred, reducing the number of outstanding Class A shares. Future Outlook: - NRAC aims to leverage its management team's expertise to identify and complete a business combination. - The company faces risks related to its ability to complete a business combination within the specified timeframe and potential changes in market conditions.