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Bukit Jalil Global Acquisition 1 Ltd. (BUJAR0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports that the company, a blank check company, has not commenced any operations and has focused on organizational activities and searching for a business combination target.
The company completed its IPO on June 30, 2023, raising $57,500,000 through the sale of 5,750,000 units, each consisting of one ordinary share, one-half of one redeemable warrant, and one right.
The company also completed a private placement of 424,307 units to its sponsor, raising an additional $4,243,070.
As of September 30, 2024, the company held $32,145,854 in a trust account, primarily invested in money market mutual funds.
The company has entered into a business combination agreement with Global IBO Group Ltd., with a merger consideration of $8.28 billion.
The company reported a net loss of $323 for the three months ended September 30, 2024, and a net income of $1,099,944 for the nine months ended September 30, 2024.
The company's cash and working capital as of September 30, 2024, are not sufficient to complete its planned activities to consummate a business combination for the upcoming year.
The company has raised concerns about its ability to continue as a going concern and plans to obtain additional funds from related parties to support its operations.
The company has no off-balance sheet arrangements and is not currently involved in any material legal proceedings.
The company has issued five extension notes totaling $500,000 to extend the deadline for completing a business combination to November 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bukit Jalil Global Acquisition 1 Ltd. Rights quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.