Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $78,183, compared to a net loss of $20,022 for the same period in 2022[110]. - For the nine months ended September 30, 2023, the company achieved a net income of $489,952, significantly improving from a net loss of $21,136 in the prior year[111]. - The company generated interest income from investments held in the Trust Account amounting to $618,499 for the three months ended September 30, 2023[110]. - The company incurred general and administrative expenses of $410,431 for the three months ended September 30, 2023[110]. Capital and Funding - The total net proceeds from the initial public offering and private placement amounted to $70,610,000, with $70,207,500 placed in the trust account[114]. - The company has a working capital deficit of $1,022,711 as of September 30, 2023[117]. - The company plans to use substantially all funds in the trust account to complete its initial business combination[115]. Business Combination Plans - A special meeting of stockholders is scheduled for November 9, 2023, to vote on extending the deadline for completing a business combination to February 14, 2024[105]. - The company has entered into a non-binding letter of intent for a business combination with OSR Holdings, a global healthcare holding company[104]. Costs and Expenses - The company expects to incur significant costs related to being a public company and pursuing its acquisition plans[113]. - Chardan is entitled to a deferred underwriting commission of $2,070,000, which will be waived if the initial business combination is not completed[124]. - Deferred legal fees of $345,868.73 will only become due upon the consummation of a business combination[124]. Securities and Registration Rights - Holders of founder shares and other securities are entitled to make up to two demands for registration under the Securities Act[125]. - Chardan's demand and "piggyback" registration rights will expire after five and seven years, respectively, from the date of the prospectus[125]. Accounting and Reporting - The company has not identified any critical accounting estimates that could materially differ from actual results[127]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[128].
Bellevue Life Sciences Acquisition Corp.(BLACU) - 2023 Q3 - Quarterly Report