In This Story
Insight Acquisition Corp. (INAQ0.00%) 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 approximately $236,000. This loss is attributed to a combination of administrative expenses, franchise tax expenses, and changes in the fair value of derivative liabilities.
General and administrative expenses for the quarter were approximately $105,000, with franchise tax expenses amounting to approximately $21,000.
The company reported a loss from operations of approximately $73,130, with additional losses from changes in the fair value of derivative liabilities amounting to approximately $228,000.
Interest income from investments held in the Trust Account partially offset these losses, contributing approximately $77,000 to the company's income.
As of September 30, 2024, Insight Acquisition Corp. had $11,810 in its operating bank account, with a working capital deficit of $5,274,211.
The company has extended its Business Combination deadline to December 7, 2024, following approval from its stockholders. The extension requires monthly deposits of $20,000 into the Trust Account.
Insight Acquisition Corp. is an emerging growth company and has not yet commenced operations. Its activities have been primarily focused on its formation and the search for a business combination.
The company has entered into a business combination agreement with Alpha Modus, Corp., which was approved by stockholders at a special meeting held on October 29, 2024.
Insight Acquisition Corp. continues to face liquidity challenges and substantial doubt about its ability to continue as a going concern, with plans to complete a business combination by December 7, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Insight Acquisition Corp. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.