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Marblegate Acquisition Corp. (GATE0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's financial position, with cash held in the trust account amounting to $4,064,428 as of December 31, 2024. The company reported a net loss of $2,394,517 for the year.
The report details the company's efforts to complete a business combination, highlighting the DePalma Business Combination Agreement entered into on February 14, 2023. The agreement involves a merger with DePalma Acquisition I LLC and DePalma Acquisition II LLC, with the aim of forming a publicly-traded company.
Marblegate's management has extended the period to complete the business combination multiple times, with the latest extension moving the deadline to April 5, 2025. The company has faced challenges, including a notice from Nasdaq regarding non-compliance with listing rules.
The company has been financing its operations through promissory notes from Marblegate SOMF, with outstanding balances totaling $3,385,000 as of December 31, 2024.
The filing also notes that Marblegate's securities will be delisted from Nasdaq due to the failure to complete the business combination by March 31, 2025, as stipulated by a Nasdaq Panel decision.
Marblegate continues to pursue the DePalma Business Combination and has applied for the combined company's securities to be listed on Nasdaq following the transaction's completion.
The report includes a discussion on the potential impact of the Inflation Reduction Act of 2022, which imposes a 1% excise tax on certain stock repurchases, affecting the company's financial planning.
Marblegate's management acknowledges substantial doubt about the company's ability to continue as a going concern, given the liquidity issues and the approaching deadline for the business combination.
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. annual 10-K report dated April 3, 2025. To report an error, please email earnings@qz.com.