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JWSMF (JWSMF0.00%) 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 $2,928,626 for the three months ended September 30, 2024. This income was primarily due to interest earned on cash held in the Trust Account and changes in the fair value of warrant liabilities.
General and administrative expenses for the quarter amounted to $198,698. The company also reported a change in fair value of warrant liabilities of $2,978,000.
As of September 30, 2024, JWSMF held $16,012,716 in cash in its Trust Account. The company intends to use these funds to complete a Business Combination.
JWSMF has extended its deadline to complete a Business Combination to December 4, 2024, with the possibility of further extensions. This extension was facilitated by deposits into the Trust Account.
On November 1, 2024, NYSE American delisted JWSMF's securities, which are now quoted on the OTC Pink Open Market. The company remains subject to the periodic reporting requirements of the Exchange Act.
The company continues to face liquidity challenges and may need additional capital if a Business Combination is not consummated by the deadline. This raises substantial doubt about its ability to continue as a going concern.
JWSMF's management is focused on completing a Business Combination before the mandatory liquidation date to avoid dissolution.
The company is subject to risks related to its classification as an investment company under the Investment Company Act and the recent SEC rules affecting SPACs.
JWSMF has no off-balance sheet arrangements as of September 30, 2024, and does not participate in transactions with unconsolidated entities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the JWSMF quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.