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Cartica Acquisition Corp (CITE0.00%) 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 income of $60,908 compared to a net income of $767,348 in the same quarter the previous year. The change is attributed to variations in the fair value of warrant liabilities and interest income.
Operating and formation costs for the quarter were $1,093,388, compared to $261,062 in the same quarter of the previous year. This increase is due to higher expenses related to the ongoing business combination process.
The company reported interest income of $332,296 for the quarter, compared to $1,028,410 in the previous year, reflecting changes in the interest rates and the amount held in the trust account.
Cartica continues to work towards its business combination with Nidar Infrastructure Limited, with the transaction expected to close by January 7, 2025, subject to shareholder approval and other conditions.
The company has until January 7, 2025, to complete a business combination, failing which it may face liquidation.
The filing also details various financial agreements, including promissory notes with the sponsor to fund ongoing operations and the extension of the company's termination date.
The company acknowledges its dependence on the successful completion of the business combination and the availability of additional financing to meet future obligations.
Cartica has faced challenges in maintaining compliance with Nasdaq listing requirements but has successfully transferred its listing to the Nasdaq Capital Market.
The filing highlights the company's focus on completing the business combination with Nidar Infrastructure Limited, with ongoing negotiations and agreements to support the transaction.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cartica Acquisition Corp quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.