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Bellevue Life Sciences Acquisition Corp (BLAC0.00%). 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 loss of $230,961 for the three months ended September 30, 2024, compared to net income of $78,183 in the same period the previous year.
General and administrative expenses for the quarter were $454,132, compared to $410,431 in the same quarter of the previous year. The company reported income from investments held in the Trust Account of $269,204.
For the nine months ended September 30, 2024, Bellevue reported a net loss of $388,686, compared to net income of $489,952 in the previous year. The loss is attributed to increased general and administrative expenses and a decrease in income from investments.
The company held $12,236 in its operating bank account with a working capital deficit of $3,901,465 as of September 30, 2024. The liquidity needs were previously met through proceeds from related party advances and the issuance of common stock.
Bellevue has been involved in a proposed business combination with OSR Holdings Co. Ltd. The transaction is subject to customary closing conditions, including stockholder approval and regulatory filings.
The company held an annual meeting on November 12, 2024, where stockholders approved amendments to extend the deadline for a business combination to February 14, 2025, and to remove the net tangible asset requirement.
Bellevue has faced compliance issues with Nasdaq (NDAQ-0.10%) listing rules, specifically regarding the minimum public holders requirement. The company has been granted an extension to February 17, 2025, to regain compliance.
The company has issued several promissory notes to fund working capital and other expenses. These notes are non-interest bearing and are payable upon the completion of a business combination or by specified maturity dates.
Bellevue's management has expressed concerns about its ability to continue as a going concern due to the working capital deficit and the need to complete a business combination by the extended deadline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bellevue Life Sciences Acquisition Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.