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Arogo Capital Acquisition Corp. (AOGO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Arogo Capital Acquisition Corp. has not commenced any operations and is focused on identifying a target for a business combination. The company reported a net loss of $1,720 for the three months ended September 30, 2024, and a net loss of $638,764 for the nine months ended September 30, 2024.
As of September 30, 2024, Arogo Capital Acquisition Corp. had $20,025,986 in cash held in a trust account and $38,829 in cash outside the trust account. The company has until December 29, 2024, to complete a business combination.
The report details the termination of a business combination agreement with Ayurcann Holdings Corp. due to Ayurcann's failure to deliver required financial statements. The company has entered into a letter of intent with Bangkok Tellink Co., Ltd. for a potential business combination.
Arogo Capital Acquisition Corp. has extended its business combination deadline multiple times, with the current extension allowing until December 29, 2024. The sponsor has made monthly deposits into the trust account to facilitate these extensions.
The company faces liquidity challenges and may need to raise additional funds to meet working capital needs prior to completing a business combination. The report notes substantial doubt about the company's ability to continue as a going concern if it does not complete a business combination within the prescribed period.
Arogo Capital Acquisition Corp. was delisted from Nasdaq in September 2024 and is now trading on the OTC Pink Market. The company intends to maintain compliance with SEC reporting requirements despite the delisting.
The filing includes a cautionary note on forward-looking statements, highlighting risks related to the company's business and the potential impact of global economic conditions on its ability to consummate a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arogo Capital Acquisition Corp. quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.