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Global Blockchain Acquisition Corp. (GBBK0.00%) 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 $174,747 for the three months ended September 30, 2024, compared to a net income of $461,936 in the same period the previous year.
General and administrative costs for the three months ended September 30, 2024, were $247,996, while interest income on marketable securities held in the Trust Account was $88,707.
As of September 30, 2024, the company reported $8,363,375 in cash held in the Trust Account, primarily to be used for a business combination or to repurchase or redeem its common stock.
The company has extended its business combination period through December 12, 2024, with a possibility of further extension until as late as August 12, 2025.
On November 11, 2024, the merger agreement with Cardea Corporate Holdings, Inc. was terminated, and the company entered into a note purchase agreement with Fourcore Capital, Inc.
Global Blockchain Acquisition Corp. continues to seek a business combination, with the possibility of liquidation if a combination is not completed by the extended deadline.
The company is addressing a material weakness in its internal controls over financial reporting, particularly concerning the inadvertent disbursement from the withdrawn trust funds.
Global Blockchain Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, or similar business combination with one or more businesses.
The company acknowledges the risks and uncertainties related to the military action in Ukraine and its impact on the company's ability to consummate 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 Global Blockchain Acquisition Corp. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.