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Chain Bridge I (CBRG0.00%) 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 $623,976, compared to a net loss of $471,827 in the same quarter the previous year.
General and administrative expenses for the quarter were $421,658, with an additional $30,000 in related party expenses.
The company reported an increase in investment income from the Trust Account to $147,634, up from $575,592 in the previous year.
The change in fair value of derivative liabilities resulted in a gain of $882,000, compared to a loss of $790,817 in the previous year.
The company had a working capital deficit of $486,351 as of September 30, 2024.
Cash used in operating activities was $735,450, while cash provided by investing activities was $34,482,735.
Cash used in financing activities was $33,322,558, primarily due to the redemption of Class A ordinary shares.
As of September 30, 2024, the company had $428,625 in its operating bank account.
Chain Bridge I continues to search for a business combination and has until November 15, 2025, to consummate an initial business combination.
The company has identified liquidity conditions and a mandatory liquidation date that raise substantial doubt about its ability to continue as a going concern.
The filing details various financial agreements, including an Exchange Agreement with Fulton AC and a Bridge Financing Note with Phytanix Bio.
The company has an outstanding balance of $296,942 under the Exchange Note as of September 30, 2024.
Chain Bridge I plans to merge with Phytanix Bio, with the transaction expected to close in the fourth quarter of 2024, subject to shareholder approval and other conditions.
The company has received a notice from Nasdaq (NDAQ+1.07%) regarding non-compliance with listing criteria, and its securities are expected to trade on the OTCQB Market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Chain Bridge I quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.