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Battery Future Acquisition Corp. Class A (BFAC) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $350,431, primarily due to interest earned on investments held in the Trust Account and a favorable change in the fair value of warrant liabilities.
As of September 30, 2024, the company had $12,215 in cash and a working capital deficit of $385,665. The company’s liquidity needs have been partially met through loans from sponsors and affiliates.
The company has extended the period to consummate a Business Combination to June 17, 2025, following shareholder approval. The extension was facilitated by deposits into the Trust Account by sponsors.
Battery Future Acquisition Corp. has entered into a share purchase agreement with Camel Bay, LLC, resulting in the transfer of Founder Shares and cancellation of private placement warrants.
The company has also entered into an Agreement and Plan of Merger with Class Over Inc., a Delaware corporation, as part of its efforts to complete a Business Combination.
The company’s management has identified substantial doubt about its ability to continue as a going concern if a Business Combination is not consummated by the specified date.
The filing details various financial agreements, including promissory notes and working capital loans, which are intended to support the company's operations until a Business Combination is completed.
The company has made several amendments to its charter and trust agreement to facilitate the extension of the Business Combination period and to alter redemption limitations.
Battery Future Acquisition Corp. continues to evaluate its financial position and operations in light of potential impacts from external factors such as the COVID-19 pandemic.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Battery Future Acquisition Corp. Class A quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.