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NorthView Acquisition Corporation (NVAC0.00%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $397,487, which consisted of operating costs of $253,130, income tax provision of $23,026, and a loss of $295,872 for the change in fair value of warrant liabilities. This was offset by interest income on securities held in the Trust Account of $108,520 and a change in fair value of the convertible note of $66,021.
As of June 30, 2024, NorthView had $6,496 in cash and a working capital deficit of $4,043,301. Cash used in operating activities was $675,730 for the six months ended June 30, 2024.
Cash provided by investing activities included $235,733 of extension payments made to the trust, $204,460 of reimbursement from the trust of franchise and income tax payments, and cash withdrawn from the trust of $2,653,439 in relation to stock redemptions.
Cash used in financing activities included $708,981 of proceeds from a convertible promissory note and $2,653,439 paid out in relation to stock redemptions.
NorthView entered into a Merger Agreement with Profusa, Inc., which is subject to customary closing conditions, including a minimum available cash condition of $15,000,000 and required stockholder approvals.
The company extended its Combination Period to March 22, 2025, with several stock redemptions occurring in connection with these extensions.
NorthView received several notifications from Nasdaq (NDAQ+0.84%) regarding non-compliance with listing rules, including the requirement to maintain a minimum Market Value of Publicly Held Shares and timely filing of its Quarterly Reports.
The company has until March 22, 2025, to consummate a Business Combination, and there is uncertainty about meeting this deadline, raising substantial doubt about its ability to continue as a going concern.
NorthView's management identified material weaknesses in its internal controls over financial reporting related to complex financial instruments and other accounting areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NorthView Acquisition Corporation quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.