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Yotta Acquisition Corporation (YOTA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing cash of $404,404 and marketable securities held in the Trust Account of $5,300,199 as of September 30, 2024.
The company reported a net income of $73,893 for the three months ended September 30, 2024, compared to $866,518 for the same period in the previous year.
General and administrative expenses for the quarter were $244,723, with franchise tax expenses of $7,900 and income tax expenses of $167,339.
Interest income for the quarter was $93,855, while other income was $400,000, attributed to a payment from DRIVEiT Financial Auto Group, Inc. to cover merger-related transaction costs.
Yotta Acquisition Corporation entered into an Agreement and Plan of Merger with DRIVEiT Financial Auto Group, Inc. on August 20, 2024, with a total merger consideration of $100,000,000 payable in shares of common stock.
On August 22, 2024, the company held a special meeting of stockholders, approving an extension of the date to consummate a business combination to October 22, 2025, on a monthly basis by depositing $18,564.20 into the Trust Account.
The company faces liquidity and going concern considerations, with a working capital deficit of $3,978,534 as of September 30, 2024.
Yotta received notices from Nasdaq (NDAQ-0.10%) regarding non-compliance with certain listing rules and applied for a transfer to the Nasdaq Capital Market, with conditions to be met by November 12, 2024.
The company continues to focus on completing a business combination, with plans to incur additional costs and potentially seek further financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Yotta Acquisition Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.