Mon, May 20, 9:02 PM (264 days ago)
Osiris Acquisition Corp. (the "Company") reports its financial results for the quarter ended March 31, 2024. The Company, a Special Purpose Acquisition Company (SPAC), has not commenced operations and has until May 18, 2024, to complete a business combination. Key financials include: - Current assets: $177,802 - Total assets: $33,361,281 - Current liabilities: $5,031,922 - Total liabilities: $17,092,693 - Stockholders' deficit: $16,793,924 The Company reported a net loss of $551,189 for Q1 2024, down from $1,666,433 in Q1 2023. The primary expenses were administrative fees and general expenses totaling $370,909. Interest earned on cash held in the Trust Account was $259,248. The fair value change in derivative warrant liabilities and forward purchase liability was $395,586. The Company has a working capital deficit of approximately $5.1 million and cash of $93,140. Due to the inability to complete a business combination by May 18, 2024, the Company will liquidate and redeem public shares, with the last trading day expected to be May 17, 2024. The liquidation raises substantial doubt about the Company's ability to continue as a going concern.