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Welsbach Technology Metals Acquisition Corp. (WTMA0.00%) 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 $80,697 for the three months ended September 30, 2024. This loss is attributed to operating expenses of $215,108 and franchise taxes of $10,400, offset by interest income of $180,541.
For the nine months ended September 30, 2024, the company reported a net loss of $246,129. Operating expenses for this period were $757,950, with franchise taxes amounting to $117,212.
The company had $12,230,126 in cash held in the trust account as of September 30, 2024. The funds are intended for use in completing a business combination.
As of September 30, 2024, Welsbach had operating cash of $1,185 and a working capital deficit of $7,528,753, raising concerns about the company's ability to continue as a going concern.
Welsbach entered into an Amended and Restated Agreement and Plan of Merger on November 6, 2024, with Evolution Metals LLC, which is expected to survive as a wholly owned subsidiary.
The company announced that it intends to change its name to Evolution Metals & Technologies Corp. upon the completion of the merger.
The filing also details various financial agreements, including working capital loans and convertible promissory notes with its sponsor, Welsbach Acquisition Holdings LLC.
During the nine months ended September 30, 2024, Welsbach's stockholders redeemed 1,090,062 shares for a total of $12,219,791.
The company has identified risks and uncertainties that may impact its ability to complete a business combination, including economic conditions and regulatory changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Welsbach Technology Metals Acquisition Corp. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.