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Israel Acquisitions Corp (ISRL0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $810,926. The company reported various expenses including listing expenses of $47,265, administrative expenses of $30,000, and legal and accounting expenses of $91,427.
Dividend income on marketable securities held in the Trust Account contributed $1,045,197 to the company's income for the quarter.
As of September 30, 2024, Israel Acquisitions Corp had $26,702 in cash and cash equivalents outside of the Trust Account and a working capital deficit of $1,047,973, excluding cash and marketable securities held in the Trust Account.
The company had $81,508,968 in marketable securities held in the Trust Account, intended to be used for a future business combination.
The company entered into a mutual termination agreement with Pomvom on August 22, 2024, terminating the previously planned business combination. A non-binding letter of intent was signed with Gadfin Aero-Logistics Systems on October 16, 2024.
Israel Acquisitions Corp continues to explore opportunities for an initial business combination and is evaluating its financial position and liquidity needs.
The company acknowledges the potential impact of geopolitical events, including the ongoing conflict in Israel, on its operations and financial condition.
The filing also details the company's accounting policies, including the classification of Class A ordinary shares subject to possible redemption as temporary equity.
Israel Acquisitions Corp has not commenced any operations and will not generate operating revenues until after the completion of its initial business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Israel Acquisitions Corp quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.