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Globalink Investment Inc. (GLLI0.00%) has filed its annual report filing for the fiscal year ended December 31, 2024.
The filing details a merger agreement entered into on January 30, 2024, with Alps Life Sciences Inc., a Cayman Islands exempted company. The merger will be executed in two steps, with Globalink merging into Alps Global Holding Pubco and Alps Biosciences Merger Sub merging into Alps Holdco.
The aggregate consideration for the merger is $1.6 billion, payable in newly issued ordinary shares of PubCo at $10.00 per share. The merger is subject to approval by Globalink's stockholders.
Globalink has extended its deadline to complete a business combination multiple times, with the current deadline set for April 9, 2025. The company may extend this deadline monthly until June 9, 2025, by depositing $60,000 into the trust account for each extension.
The company's securities were delisted from Nasdaq on December 17, 2024, and are now traded on OTC Pink. This delisting could impact the company's ability to complete the business combination.
As of December 31, 2024, Globalink had cash held in the trust account of $3,349,591 and cash outside the trust account of $253,507. The company has issued promissory notes totaling approximately $4.2 million to Public Gold Marketing Sdn Bhd for working capital and extension fees.
Globalink's management has identified a material weakness in its internal controls related to timely tax return filings. The company plans to enhance its processes to address this issue.
The company has also entered into subscription agreements with PIPE investors to raise additional capital for use by PubCo following the closing of the business combination. As of the report date, $879,911 was received in escrow.
Globalink's management continues to evaluate the impact of economic uncertainties, including inflation, rising interest rates, and geopolitical events, on its ability to complete the business combination.
The company's officers and directors have fiduciary obligations and potential conflicts of interest, which they have agreed to manage in accordance with the company's policies.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.