Thu, Aug 29, 8:31 PM (138 days ago)
For the quarter ending June 30, 2024, Swiftmerge Acquisition Corp. reported a net loss of $355,510, contrasting with a net income of $1,472,815 in the same period of 2023. Revenue primarily stemmed from a gain on investments held in a Trust Account, which amounted to $173,957, a significant decrease from $2,685,418 in the prior year. Operating costs totaled $529,467, down from $1,212,603 in 2023. As of June 30, 2024, total assets were $13,579,377, largely comprised of $13,534,219 in the Trust Account, while liabilities increased to $3,997,525, leading to a working capital deficit of $3,952,367. The company has substantial liquidity concerns, with cash outside the Trust Account reduced to $2,633. Swiftmerge is pursuing a merger with AleAnna Energy, LLC, with a deadline for completion extended to June 17, 2025. However, management expresses substantial doubt regarding the company's ability to continue as a going concern without a successful merger or additional financing. The ongoing uncertainty surrounding market conditions and the business combination adds to the risks faced by the company.