In This Story
Slam Corp. (SLMUF0.00%) Unit has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of approximately $2.8 million, primarily due to non-operating income from changes in fair value of derivative warrant liabilities and income from cash held in the Trust Account.
As of September 30, 2024, Slam Corp. reported approximately $34,000 in its operating bank account and a working capital deficit of approximately $4.7 million.
The company has issued several promissory notes, including a New Note with a principal amount increased to $10,947,000, and other notes totaling $1.5 million, all repayable upon the consummation of an initial business combination.
Slam Corp. is a blank check company incorporated for the purpose of effecting a merger or similar business combination. It has not commenced operations and will not generate operating revenues until after completing its initial business combination.
The company is currently focusing on maintaining liquidity and extending the deadline for completing its initial business combination, which is now set for December 25, 2024.
Slam Corp. has been delisted from Nasdaq (NDAQ+1.07%) and now trades on the OTCQX Best Market. This change may affect the liquidity and trading of its securities.
The company acknowledges a material uncertainty regarding its ability to continue as a going concern due to the approaching deadline for its business combination and current liquidity conditions.
Slam Corp. continues to work towards completing its business combination with Lynk Global, Inc., with recent amendments to the Business Combination Agreement extending the termination date to December 25, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Slam Corp. Unit quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.