Wed, May 15, 11:20 AM (72 days ago)
SK Growth Opportunities Corporation's Q1 2024 financial report reveals a net loss of approximately $123,000, primarily due to $1.55 million in general and administrative expenses, offset by $1.43 million in income from investments held in the Trust Account. The company's cash position improved to $536,588 from $163,718 in Q4 2023, but it faces a working capital deficit of around $2.9 million. The report highlights the potential for mandatory liquidation if a business combination is not consummated by September 30, 2024, raising substantial doubt about the company's ability to continue as a going concern. A key focus is the proposed business combination with Webull Corporation, which requires several regulatory approvals and shareholder votes. The company also faces uncertainties due to geopolitical events, which could impact market conditions and its business combination prospects.