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CRTAF (CRTAF+0.09%) has submitted its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes financial statements for the year, detailing a net loss of $10,966,046, compared to a net income of $6,380,335 in the previous year. The change is attributed primarily to a $6,417,000 loss from the change in fair value of warrant liabilities and increased operating and formation costs.
Interest income on cash and marketable securities held in the trust account was $1,561,607, down from $7,109,902 in the previous year, reflecting lower interest rates and changes in the investment strategy of the trust account.
The company reported total assets of $26,378,456 as of December 31, 2024, with the majority held in the trust account, which contained $26,355,736.
CRTAF's liabilities totaled $14,614,600, including $7,398,000 in warrant liabilities, reflecting the fair value of public and private placement warrants.
The company has until October 7, 2025, to complete a business combination. If a business combination is not consummated by then, the company may seek to extend the deadline, subject to shareholder approval.
CRTAF entered into a Business Combination Agreement with Nidar Infrastructure Limited and Yotta Data and Cloud Limited. The agreement involves a merger where CRTAF will become a wholly-owned subsidiary of Nidar.
The company has faced challenges, including a delisting notice from Nasdaq due to failure to meet the 36-month business combination requirement. Trading of CRTAF's securities has moved to the OTC market.
CRTAF's management is focused on identifying and completing a business combination with a technology-focused partner. The company aims to leverage its access to U.S. capital markets and the expertise of its management team to drive growth.
The filing outlines various risks and uncertainties, including the potential inability to complete a business combination, dependence on the sponsor for financial support, and the impact of regulatory changes on SPACs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CRTAF annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.