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Target Global Acquisition I Corp. (TGAA0.00%) 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 $4,173,995 for the three months ended September 30, 2024, compared to a net income of $276,576 for the same period in the previous year. The loss is attributed to finance costs and general and administrative expenses.
The company reported cash of $5,693 as of September 30, 2024, compared to $4,625 at the end of 2023. The trust account held $20,551,207, down from $43,419,605 at the end of 2023, due to redemptions and other adjustments.
Target Global Acquisition I Corp. is a blank check company formed for the purpose of effecting a business combination. As of September 30, 2024, it had not commenced any operations and was focused on identifying and evaluating prospective acquisition candidates.
The company extended its deadline to consummate a business combination multiple times, with the current termination date set for December 9, 2024. Further extensions are possible until June 9, 2025, if certain conditions are met.
The company faces risks related to liquidity and its ability to complete a business combination. If unable to do so, it will redeem public shares and dissolve, raising substantial doubt about its ability to continue as a going concern.
Target Global Acquisition I Corp. entered into a Securities Assignment Agreement with CIIG Management III LLC, transferring shares and outlining responsibilities for operating expenses and liabilities.
The filing also outlines changes in management, with Michael Minnick appointed as CEO on May 31, 2024, replacing Shmuel Chafets.
The company is evaluating the impact of global economic uncertainties, including inflation, interest rates, and geopolitical conflicts, on its financial position and ability to complete a business combination.
Target Global Acquisition I Corp. entered into an Agreement and Plan of Merger with VenHub Global, Inc. on December 2, 2024, as part of its efforts to complete a business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Target Global Acquisition I Corp. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.