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Welsbach Technology Metals Acquisition Corp. (WTMA+0.09%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated in Delaware on May 27, 2021, with the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
For the year ended December 31, 2024, Welsbach reported a net loss of $899,927, primarily due to operating expenses of $1,428,060 and franchise taxes of $154,785, partially offset by interest income of $808,868 from investments held in the trust account.
As of December 31, 2024, Welsbach had $12,257,933 in cash and investments held in the trust account and $1,185 in operating cash outside the trust account.
The company has extended its deadline to complete a business combination to June 30, 2025, following several extensions approved by stockholders.
Welsbach is pursuing a business combination with Evolution Metals LLC, having entered into an Agreement and Plan of Merger on April 1, 2024, which was later amended on November 6, 2024, and February 10, 2025.
The company has faced challenges maintaining compliance with Nasdaq listing requirements, resulting in its securities being suspended and delisted from Nasdaq on January 7, 2025. The securities are currently quoted on the Pink market and OTCQB.
Welsbach's management team, led by CEO Daniel Mamadou, continues to seek a suitable business combination, focusing on the technology metals and energy transition metals sectors.
The filing outlines various financial agreements, including promissory notes and working capital loans with the sponsor, Welsbach Acquisition Holdings LLC, to finance operations and extend the deadline for a business combination.
Welsbach acknowledges the risks associated with its operations, including its status as a blank check company, dependence on future financing, and the need to complete a business combination by the extended deadline.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.