In This Story
BlueRiver Acquisition Corp. Class A (BLUAF0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of approximately $110,000 for the three months ended September 30, 2024, compared to a net loss of approximately $3.2 million for the same period in 2023. The loss includes general and administrative expenses of approximately $195,000 and related party expenses of $150,000.
The company has a working capital deficit of approximately $8.0 million as of September 30, 2024, with $6,035 in cash. The company is considering borrowing from its sponsor to meet working capital needs.
BlueRiver's management has expressed substantial doubt about the company's ability to continue as a going concern due to liquidity conditions and mandatory liquidation requirements. The company intends to complete a business combination before the mandatory liquidation date of August 2, 2025.
On July 21, 2023, BlueRiver entered into a merger agreement with Spinal Stabilization Technologies, LLC, which was subsequently terminated on June 28, 2024. No termination fee was incurred as a result of the termination.
During the quarter, BlueRiver's securities were delisted from the NYSE American, and the company has not applied for listing on over-the-counter markets. This may impact liquidity and the ability to issue additional securities.
The company has extended the time to complete a business combination multiple times, most recently until August 2, 2025, following shareholder approval.
The filing outlines risks and uncertainties, including global economic conditions, rising interest rates, and geopolitical conflicts, which may impact the company's financial position and ability to complete a business combination.
The company has not adopted any new accounting standards that would materially affect its financial statements. Management continues to evaluate the impact of recent accounting pronouncements.
BlueRiver does not have any off-balance sheet arrangements as of September 30, 2024. The company qualifies as an emerging growth company and may rely on reduced reporting requirements under the JOBS Act.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BlueRiver Acquisition Corp. Class A quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.