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Patria Latin American Opportunity Acquisition Corp. (PLAO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that the company received a notice from Nasdaq on May 9, 2024, regarding non-compliance with the listing criteria due to the market value of its warrants being below $1 million. A further notice on November 7, 2024, indicated potential suspension and delisting of the company's warrants and units.
The company has not commenced any operations and is focused on identifying a suitable business combination. It reported net income of $813,995 for the three months ended September 30, 2024, primarily due to realized gains on investments held in the trust account.
The company held an extraordinary general meeting on June 12, 2024, where shareholders approved an extension to the termination date for consummating a business combination to September 14, 2025. This extension allows for monthly extensions up to fifteen times.
As of September 30, 2024, the company had $53,231,709 in marketable securities held in a trust account, and $8,670 in cash outside the trust account for working capital purposes.
The company has outlined risks related to its ability to continue as a going concern, contingent on the payment of monthly extension deposits and the consummation of a business combination.
Patria Latin American Opportunity Acquisition Corp. has not generated any operating revenues and incurs expenses related to being a public company and for due diligence on prospective business combinations.
The filing details the company's financial instruments, including warrants classified as liabilities, and notes the impact of market conditions on its financial position.
The company has agreements in place for registration rights and underwriting fees, with a deferred underwriting fee of $4,025,000 payable upon completion of a business combination.
The company plans to address uncertainties through consummating a business combination and potential loans from the sponsor or affiliates, though there is no assurance of success within the specified period.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Patria Latin American Opportunity Acquisition Corp. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.