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Coliseum Acquisition Corp. (MITAW0.00%) 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 loss of $694,939 for the three months ended September 30, 2024, primarily due to general and administrative expenses of $1,059,346.
Interest income from cash held in the Trust Account was $405,268 for the three months ended September 30, 2024.
The company reported a net loss of $1,371,799 for the nine months ended September 30, 2024, with significant expenses related to the proposed Business Combination with Rain Enhancement Technologies, Inc. (RET).
Coliseum Acquisition Corp. had a working capital deficit of $4,797,417 as of September 30, 2024, with no cash held outside of the Trust Account.
The company's liquidity condition and mandatory liquidation raise substantial doubt about its ability to continue as a going concern, should a Business Combination not occur by November 25, 2024.
Coliseum has entered into a Business Combination Agreement with RET, with a $10 million minimum cash condition among other material conditions to closing.
On June 25, 2024, the company received a delisting notice from Nasdaq (NDAQ-1.24%) due to non-compliance with Nasdaq rule IM-5101-2, but was granted an exception until December 23, 2024, to complete its Business Combination.
The filing details various financial agreements, including a Convertible Note issued to the New Sponsor with a principal amount up to $1.5 million, of which $600,000 was outstanding as of October 25, 2024.
The company continues to face risks and uncertainties due to geopolitical instability and market volatility, which could adversely affect its search for a Business Combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Coliseum Acquisition Corp. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.