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Papaya Growth Opportunity Corp. I (PPYAW0.00%) 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 $332,277 for the three months ended September 30, 2024, compared to a net income of $158,084 in the same quarter the previous year.
Operating expenses for the quarter were $405,352, driven by general and administrative expenses of $375,112 and state franchise taxes of $30,240.
Interest income earned on investments held in the Trust Account was $89,718 for the quarter.
Net cash used in operating activities for the nine months ended September 30, 2024, was $1,188,114, while cash provided by investing activities was $17,436,642.
The company reported cash of $1,593 held outside of the Trust Account as of September 30, 2024.
Papaya Growth Opportunity Corp. I is a blank check company formed for the purpose of effecting a Business Combination and has not commenced any operations.
The company completed its IPO on January 19, 2022, raising gross proceeds of $250,000,000.
During the nine months ended September 30, 2024, the company issued promissory notes to its Sponsor totaling $3,805,128 to fund operations.
The company has until January 19, 2025, to consummate a Business Combination, failing which it will cease operations and redeem public shares.
The company is classified as a smaller reporting company and an emerging growth company under SEC regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Papaya Growth Opportunity Corp. I Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.