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Thunder Bridge Capital Partners IV Inc. (THCPU) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, indicating a working capital deficit of approximately $6,510,523 and cash held in the trust account of $31,467,808 as of September 30, 2024.
The company reported net income of $122,259 for the three months ended September 30, 2024, compared to $205,799 for the same period in 2023.
The report notes that the company is a blank check company formed for the purpose of effectuating a merger or similar business combination.
Thunder Bridge Capital Partners IV Inc. has not yet commenced any operations and will not generate operating revenues until after the completion of its initial business combination.
The company has extended its combination period to January 2, 2025, following stockholder approvals at special meetings held in 2023 and 2024.
In connection with these extensions, the company redeemed 20,135,697 and 592,601 public shares in 2023 and 2024, respectively, for a total redemption amount of approximately $213.4 million.
The company is currently pursuing a business combination with Coincheck, Inc., with a transaction value of approximately $1.25 billion in securities.
The Nasdaq (NDAQ+0.26%) Hearings Panel has granted the company until January 14, 2025, to complete the business combination and comply with Nasdaq listing requirements.
The company acknowledges the uncertainty surrounding its liquidity condition, raising substantial doubt about its ability to continue as a going concern.
The filing includes details on related party transactions, including promissory notes from the sponsor and administrative and advisory agreements with affiliates.
Thunder Bridge Capital Partners IV Inc. continues to evaluate its financial reporting and internal controls, addressing identified material weaknesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thunder Bridge Capital Partners IV Inc. Unit quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.