In This Story
Pearl Holdings Acquisition Corp (PRLH0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The company reported a net loss of $267,292 for the three months ended September 30, 2024, primarily due to operating costs and a change in fair value of Subscription Agreement derivatives.
For the nine months ended September 30, 2024, the company reported a net loss of $1,033,795, which includes operating costs and a change in fair value of Subscription Agreement derivatives.
As of September 30, 2024, Pearl Holdings had cash of $206,509 outside of its trust account and a working capital deficit of $2,745,610.
In connection with its Initial Public Offering, Pearl Holdings had placed $204,000,000 into a trust account. Following redemptions, the balance in the trust account was approximately $23.4 million.
The company entered into Subscription Agreements during the nine months ended September 30, 2024, receiving total aggregate proceeds of $1,182,000.
Pearl Holdings intends to use the funds held in the trust account to complete its Initial Business Combination.
The company has not commenced any operations and will not generate operating revenues until after the completion of the Initial Business Combination.
Pearl Holdings has until December 17, 2024, to complete its Initial Business Combination, with a vote scheduled to potentially extend this deadline to December 17, 2025.
Management has expressed substantial doubt about the company's ability to continue as a going concern due to its liquidity condition and mandatory liquidation timeline.
The filing also discusses the company's compliance with Nasdaq (NDAQ+0.56%) listing requirements and its efforts to maintain its listing status.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pearl Holdings Acquisition Corp quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.