Mon, Aug 19, 8:10 PM (26 days ago)
For the quarter ended June 30, 2024, Pearl Holdings Acquisition Corp reported a net loss of $445,591, a significant decline from a net income of $2,265,547 in the same period last year. The loss stemmed from operating costs of $453,962, alongside a change in fair value of subscription agreement derivatives totaling $249,374, while interest income from the trust account was $257,745. For the six months ending June 30, 2024, the company recorded a net loss of $766,503 compared to a profit of $4,244,449 in the prior year, reflecting increased operational expenditures and reduced investment income. The company ended the quarter with $24,851 in cash and a working capital deficit of $2,217,619, raising concerns about its liquidity and ability to sustain operations beyond one year. Despite entering into subscription agreements yielding $782,000, ongoing costs related to acquisition pursuits may strain resources. The trust account balance decreased to approximately $23.4 million post-redemptions from the previous year. The company also noted risks from geopolitical uncertainties affecting financial stability, emphasizing the need for a successful initial business combination to ensure future viability.