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Cactus Acquisition Corp. 1 Limited (CCTS0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Cactus Acquisition Corp. 1 Limited is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company has not yet reached a definitive agreement with a specific target company for a business combination. It intends to use cash from its initial public offering and private placement of warrants to complete its initial business combination.
As of September 30, 2024, the company had $13,000 in cash and a working capital deficit of $858,000, excluding the sponsor loan.
The company held an extraordinary general meeting on November 1, 2024, where shareholders voted to extend the mandatory liquidation date to November 2, 2025.
The company entered into a Business Combination Agreement with Tembo e-LV B.V. on August 29, 2024, with consideration valued at $838 million to be paid in newly issued ordinary shares.
The company received a notice from Nasdaq (NDAQ+0.38%) on May 7, 2024, indicating non-compliance with the MVPHS Rule, requiring a minimum market value of publicly held shares of $15,000,000.
On October 29, 2024, the company received a notice from Nasdaq indicating it was subject to delisting for not completing a business combination within 36 months of its registration statement's effective date.
The company intends to trade on the over-the-counter market following the Nasdaq delisting, effective November 6, 2024.
Promissory notes were issued to ARWM Inc Pte. Ltd. and Energi Holding Limited, with principal amounts up to $500,000 and $600,000, respectively, to fund operations and potential business combinations.
The company reported net losses for the nine months ended September 30, 2024, primarily due to operating and financial expenses, with no revenue-generating operations to date.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cactus Acquisition Corp. 1 Limited quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.