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Abpro Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the completion of a business combination between ACAB and Abpro Corporation on November 12, 2024, following shareholder approval.
The company reported a net loss of $335,100 for the three months ended September 30, 2024, compared to a net loss of $44,630 for the same period in the previous year.
Operating and formation costs for the quarter were $391,686, while interest income from the trust account was $82,162.
As of September 30, 2024, Abpro Holdings had $13,597 in cash and a working capital deficit of $7,480,594.
The company acknowledged substantial doubt about its ability to continue as a going concern, citing the need for additional capital.
Abpro Holdings completed its initial public offering on January 19, 2022, raising $300 million, with $306 million placed in a trust account.
During the nine months ended September 30, 2024, the company used $775,992 in operating activities, reflecting its ongoing business combination efforts.
The filing also notes non-compliance with Nasdaq listing rules, with a delisting determination letter received on October 16, 2024.
Abpro Holdings entered into a Standby Equity Purchase Agreement with YA II PN, Ltd. for up to $5 million, providing additional liquidity options.
Following the business combination, Abpro Holdings issued approximately 50 million shares of common stock to Abpro Corporation shareholders and PIPE investors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Abpro Holdings Inc quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.