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ClimateRock Unit (CLRCU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, indicating a net income of $172,722, compared to a net income of $26,528 in the same quarter the previous year.
Operating expenses for the quarter were reported at $165,800, with administrative service fees to related parties amounting to $30,000.
Dividend income on the Trust Account for the quarter was $368,522, contributing to the total other income.
As of September 30, 2024, ClimateRock held $28,895,303 in cash and cash equivalents in the Trust Account.
The company has a working capital deficit of $5,286,927 and a cash balance of $3,708 as of the end of the quarter.
ClimateRock continues to focus on identifying and consummating a business combination, with a current deadline of May 2, 2025.
The filing details various financial arrangements, including related party loans and convertible promissory notes issued to the Sponsor.
The company has entered into a Business Combination Agreement with GreenRock, with recent amendments to extend the closing date and adjust merger consideration.
ClimateRock acknowledges its dependence on securing additional funding from the Sponsor or related parties to continue operations and pursue its business combination objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ClimateRock Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.