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Perception Capital Corp. III (PFTA0.00%) 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 $231,475. This loss is attributed to general and administrative expenses amounting to $410,362, offset by investment income of $209,339 and a change in fair value of warrant liabilities of $30,452.
As of September 30, 2024, the company reported cash held in the Trust Account of $17,853,173. The company intends to use these funds to complete its business combination.
The company has until April 23, 2025, to consummate a business combination. If not completed by this date, there will be a mandatory liquidation and dissolution of the company.
Perception Capital Corp. III has entered into a business combination agreement with RBio Energy Holdings Corp. and related entities. The proposed transaction involves a share exchange and merger, resulting in RBio Energy becoming a wholly-owned subsidiary.
The company has faced compliance challenges with Nasdaq (NDAQ+0.56%) listing requirements, including a notice regarding the failure to hold an annual meeting within 12 months after the fiscal year-end. The company has since regained compliance by holding an extraordinary general meeting on June 28, 2024.
The company has entered into various non-redemption agreements with shareholders to prevent redemption of shares in connection with extension proposals. These agreements involve the issuance of additional shares in exchange for non-redemption commitments.
The company has received notices from Nasdaq regarding potential delisting due to non-compliance with certain rules. The company requested a hearing and was granted an exception to complete its business combination by December 2, 2024.
The filing details the company's financial position, including a working capital deficit of $2,215,277 as of September 30, 2024, and outlines management's plans to address liquidity concerns.
The company has identified a material weakness in its internal controls related to the accounting of complex financial instruments, which it is working to address.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Perception Capital Corp. III quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.