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Healthcare AI Acquisition Corp. (HAIA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing outlines the company's financial position, including total assets of $6,847,477 and total liabilities of $1,732,486 as of September 30, 2024. The company reported a shareholders' deficit of $1,712,024.
The company recorded a net loss of $328,718 for the nine months ended September 30, 2024, compared to net income of $4,024,595 for the same period in 2023. The loss was primarily due to formation and operating costs.
As of September 30, 2024, the company had $212 in its operating bank account and a working capital deficit of $1,164,370.
Healthcare AI Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
The company has not selected any business combination target and has not engaged in any substantive discussions with any potential targets.
The company entered into a Business Combination Agreement with Leading Partners Limited and Leading Group Limited on August 15, 2024. The agreement is subject to certain conditions precedent to closing.
The company extended the deadline to complete a business combination to December 14, 2024, with the option to further extend on a month-to-month basis until May 14, 2025, by depositing funds into the trust account.
The company faces liquidity challenges and may need additional capital to continue operations. It has the option to raise funds through working capital loans and promissory notes from its sponsor and officers.
The filing includes a discussion of risks and uncertainties, including potential impacts from the COVID-19 pandemic and geopolitical tensions.
The company is classified as an emerging growth company and may take advantage of certain exemptions from reporting requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Healthcare AI Acquisition Corp. quarterly 10-Q report dated December 2, 2024. To report an error, please email earnings@qz.com.