Tue, Nov 19, 11:31 AM (90 days ago)
Welsbach Technology Metals Acquisition Corp. (WTMA) reported a significant decline in its financial position for the quarter ended September 30, 2024. The company's total assets fell to approximately $12,252,000 from $23,938,000 at the end of 2023, primarily due to substantial redemptions of common stock and a decrease in cash held in trust. The company recorded a net loss of $80,697 for Q3 2024, compared to a net income of $164,293 in Q3 2023, reflecting increased operational expenses and reduced interest income from investments. Cash used in operating activities was $929,776, highlighting ongoing financial strain. The trust account balance decreased significantly to $12,230,126 as of September 30, 2024, following $12,219,791 in redemptions. The company faces uncertainties regarding its ability to complete a business combination by the extended deadline of June 30, 2025. Moreover, a substantial working capital deficit of $7,528,753 raises concerns about liquidity and the company's ability to continue as a going concern. The company is actively seeking additional financing and has entered into various promissory notes with its sponsor to support operational needs.