Tue, Nov 19, 9:27 PM (90 days ago)
Slam Corp. (SLAMF) reported its Q3 2024 results with a net income of approximately $2.8 million, down from $3.7 million in Q3 2023. This decrease is attributed to reduced income from cash held in the Trust Account, which fell to $964,000 from $2.9 million year-over-year. The company’s total assets as of September 30, 2024, stood at approximately $102.4 million, primarily composed of $102.4 million in cash, while current liabilities increased to $4.7 million from $3.0 million. Slam Corp. continues to face liquidity challenges, having only $34,000 in its operating bank account and a working capital deficit of $4.7 million. The company has extended its deadline for completing a business combination to December 25, 2024, due to ongoing negotiations with Lynk Global, Inc. The company’s Class A ordinary shares remain subject to possible redemption, with a redemption value of approximately $102.3 million as of the reporting date. The recent delisting from Nasdaq has led to trading on OTCQX, posing additional market risks and uncertainties regarding future operations and capital raising efforts.