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DP Cap Acquisition Corp I Unit (DPCSU0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, including a total asset value of $17,623,201 as of September 30, 2024, down from $44,716,401 at the end of 2023.
The report shows a net income of $34,794 for the three months ended September 30, 2024, compared to $275,282 for the same period in 2023. For the nine months ended September 30, 2024, the company reported a net loss of $239,189.
Cash held in the trust account was reported at $17,318,372 as of September 30, 2024, with cash outside the trust account at $258,747.
The company has extended its deadline to complete a business combination to November 12, 2025, following shareholder approval. The company has not yet identified a target for a business combination.
DP Cap Acquisition Corp I Unit has faced challenges maintaining its Nasdaq listing due to not completing a business combination within 36 months of its IPO. A delisting notice was received, and the company has decided not to appeal the suspension and delisting.
The report outlines the company's liquidity concerns, noting a working capital deficit of $1,084,165 as of September 30, 2024, and highlights the need for additional funding to complete a business combination.
The company has entered into non-redemption agreements with investors to avoid further redemptions and maintain sufficient funds in the trust account.
Management acknowledges material weaknesses in internal controls over financial reporting and is working on a remediation plan.
The company continues to operate as a blank check company and is subject to the risks associated with emerging growth companies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DP Cap Acquisition Corp I Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.