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Globalink Investment Inc. (GLLI0.00%) 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 $116,747. The company incurred general and administrative expenses of $287,590 and a provision for income taxes of $91,087.
Interest income on cash held in the Trust Account was $349,494, and there was a change in fair value of warrant liabilities amounting to $14,250.
As of September 30, 2024, Globalink had $65,221 in cash available for working capital needs and a working capital deficit of approximately $5.8 million.
The company has extended the deadline to complete its initial business combination to December 9, 2024, having deposited $60,000 into the trust account for each extension.
Globalink entered into a Merger Agreement with Alps Life Sciences Inc., intending to merge with Alps Global Holding Pubco, with the latter remaining as the surviving publicly traded entity.
Globalink entered into PIPE Subscription Agreements to raise $40,200,000 through the issuance of ordinary shares of PubCo.
The company continues to evaluate the impact of various economic and geopolitical factors on its financial position and ability to complete a business combination.
Globalink has identified material weaknesses in its internal controls over financial reporting related to complex financial instruments and timely tax return filings.
The company has no off-balance sheet arrangements and does not have any long-term debt, capital lease obligations, or long-term liabilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Globalink Investment Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.