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Kairous Acquisition Corp. Limited (KACL0.00%) 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 $16,891, primarily due to operating costs of $230,774, offset by interest income of $213,883.
The company reported a working capital deficit of $3,516,611 as of September 30, 2024, with cash on hand of $6,103.
The company has extended the time to complete a business combination multiple times, with the latest extension allowing until November 16, 2024.
Kairous has entered into an amended and restated agreement and plan of merger with Bamboo Mart Limited, with the closing of the proposed business combination expected by March 31, 2025.
The merger consideration is set at $188,000,000, with additional earnout consideration of up to 8,554,455 shares based on certain conditions.
The company acknowledges substantial doubt about its ability to continue as a going concern due to its history of losses and insufficient liquidity.
Kairous intends to use funds held in the trust account to complete an initial business combination, with any remaining proceeds used as working capital.
The filing also details various financial agreements, including extension loans and a working capital note with the sponsor.
The company did not have any off-balance sheet arrangements as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kairous Acquisition Corp. Limited quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.