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Marblegate Acquisition Corp. (GATE0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Marblegate Acquisition Corp. is a blank check company formed for the purpose of effectuating a business combination with one or more businesses. The company has not commenced any operations as of September 30, 2024.
The company reported a net loss of $565,795 for the three months ended September 30, 2024, compared to a net loss of $885,983 for the same period in 2023. The loss was primarily due to operating costs and provision for income taxes.
As of September 30, 2024, Marblegate had cash of $96,701 outside the Trust Account and $4,028,377 in the Trust Account. The company intends to use the funds in the Trust Account for a business combination.
Marblegate has extended the date by which it must consummate its initial business combination to April 5, 2025, following several amendments to its certificate of incorporation.
The company has received a notice from Nasdaq (NDAQ-1.24%) regarding non-compliance with a listing rule requiring completion of a business combination within 36 months of the IPO registration statement's effectiveness. A hearing is scheduled for November 19, 2024.
Marblegate has entered into a business combination agreement with DePalma Acquisition I LLC and DePalma Acquisition II LLC, with the transaction expected to close in the first quarter of 2025, subject to customary closing conditions.
The company has issued several promissory notes to Marblegate Special Opportunities Master Fund, L.P. for working capital expenses, with a total outstanding balance of $3,070,000 as of September 30, 2024.
Marblegate's management has raised concerns about the company's ability to continue as a going concern due to liquidity issues and the mandatory liquidation deadline if a business combination is not consummated by April 5, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Marblegate Acquisition Corp. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.