Wed, Nov 20, 11:01 AM (56 days ago)
For the quarter ending September 30, 2024, Pearl Holdings Acquisition Corp (PRLH) reported a net loss of $267,292, contrasting sharply with a net income of $2,627,225 for the same period in 2023. Operating costs rose to $174,539, while interest income from the Trust Account decreased significantly to $260,699. The loss for the nine-month period was $1,033,795, driven by $862,844 in operating costs and a substantial change in fair value of Subscription Agreement derivatives amounting to $991,179. As of September 30, 2024, the company had cash of $206,509 and a working capital deficit of $2,745,610. The Trust Account held $24,464,430, reflecting a shift from marketable securities to cash deposits. The company has faced uncertainties regarding its ability to complete its Initial Business Combination by the extended deadline of December 17, 2024. Risks include geopolitical instability and liquidity challenges, raising doubts about its going concern status. Overall, the financial health of Pearl Holdings Acquisition Corp indicates increasing operational challenges and a need for effective capital management to pursue its acquisition strategy.