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Alchemy Investments Acquisition Corp 1 (ALCYU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net income of $1,456,069 for the three months ended September 30, 2024, with operating costs of $158,154 offset by a gain on investments held in the Trust Account and dividend income.
For the nine-month period ending September 30, 2024, the company reported net income of $4,183,639, attributed to operating costs and gains on investments.
The company's cash and cash equivalents outside the Trust Account totaled $339,638 as of September 30, 2024, with a working capital deficit of $877,569.
The company has until November 9, 2024, to consummate a Business Combination, with an extension approved until February 9, 2025, and potentially until September 9, 2025, if necessary.
Liquidity concerns are noted, with management planning to address these through the successful closing of a Business Combination.
Significant costs are anticipated in pursuit of financing and acquisition plans, with cash held outside the Trust Account deemed insufficient for operations beyond one year.
The company completed its Initial Public Offering on May 9, 2023, raising gross proceeds of $115,000,000, with additional proceeds from the sale of Private Placement Shares.
Transaction costs related to the Initial Public Offering amounted to $9,088,588, including cash underwriting fees and deferred underwriting fees.
Recent accounting standards updates are being assessed for potential impact on the company's financial position and reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alchemy Investments Acquisition Corp 1 Units quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.