Wed, Jun 12, 8:23 PM (87 days ago)
ShoulderUp Technology Acquisition Corp. (the "Company") reported financial results for the quarter ended March 31, 2024. Key financial metrics include cash and cash equivalents of $335,304, a working capital deficit of approximately $4.2 million, and total assets of $21.7 million. The Company experienced a net loss of $439,985 for the quarter, primarily due to general and administrative expenses and changes in derivative liability fair value. The Company has extended its business combination deadline to November 19, 2024, following shareholder approval and has entered into non-redemption agreements to retain funds in the trust account. The Company has also noted material weaknesses in internal controls over financial reporting. The Company is in discussions for a potential business combination with SEE ID, Inc. and continues to seek a target for its initial business combination.