Wed, Aug 14, 8:14 PM (153 days ago)
For the quarter ending June 30, 2024, Slam Corp. reported a net loss of approximately $1.57 million, contrasting with a net income of $2.64 million for the same period in 2023. Total operating expenses rose to $754,846, driven by increased general and administrative costs. The company's cash position significantly declined, with cash and cash equivalents dropping to $14,825 from $75,550 at year-end 2023. The Trust Account holds $101.16 million, reflecting an increase due to the redemption value adjustment of Class A ordinary shares. The company continues to face liquidity challenges, reporting a working capital deficit of approximately $4.8 million. As of June 30, 2024, Slam Corp. had $10.36 million outstanding under a New Note issued to the Sponsor, which matures upon the completion of an initial business combination. The ongoing search for a target company remains uncertain, with a mandatory liquidation date set for December 25, 2024. Overall, Slam Corp. must navigate significant operational and financial hurdles while pursuing its initial business combination.