Business Combination and Extensions - The Company extended the deadline for completing a business combination from November 14, 2023, to February 14, 2024, with a potential further extension to May 14, 2024[108]. - The Company entered into a Business Combination Agreement with OSR Holdings Co. Ltd. on November 16, 2023, aiming to acquire at least 75% of OSR Holdings Common Stock[112]. - The Business Combination is subject to a minimum available cash condition of at least $5,000,001 in the Trust Account prior to closing[115]. - The Company has received stockholder approval for the extension of the business combination deadline and the Trust Agreement amendment[108]. - The Business Combination Agreement includes exclusivity provisions preventing engagement in alternative transactions during the agreement period[116]. - If the Company fails to complete a business combination by November 14, 2024, it will cease operations and liquidate[134]. Financial Position and Performance - A total of 3,432,046 shares were tendered for redemption at approximately $10.49 per share, resulting in an aggregate redemption amount of $35,995,727.58, leaving $36,372,335 in the Trust Account[108]. - The Company has a tax withdrawal of $561,957 from the Trust Account following the redemptions[108]. - For the three months ended March 31, 2024, the Company reported a net loss of $60,430, compared to a net income of $110,305 for the same period in 2023[126]. - The Company generated non-operating income of $480,824 from investments held in the Trust Account for the three months ended March 31, 2024[126]. - As of March 31, 2024, the Company had a working capital deficit of $2,676,899 and only $3,637 in its operating bank account[130]. - The net proceeds from the IPO and Private Placement Units amounted to $70,610,000, with $70,207,500 placed in the Trust Account[128]. - The Company intends to use substantially all funds in the Trust Account to complete its initial business combination[129]. - The Company issued unsecured promissory notes totaling $135,000 to board members in connection with the Trust Account deposits[110]. - The Company issued unsecured promissory notes totaling $1,390,000 to the Sponsor to fund working capital and other expenses[121][124]. - The Company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[135]. Compliance and Regulatory Matters - The Company must regain compliance with Nasdaq Listing Rule 5605(c)(2)(A) by June 21, 2024, following a director's resignation[118]. - The Company received a notification from Nasdaq regarding non-compliance with the Minimum Public Holders Requirement, needing to demonstrate 300 public holders by August 13, 2024[120]. Accounting and Reporting - The company has not identified any critical accounting estimates that could materially affect reported amounts of assets and liabilities[140]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[141].
Bellevue Life Sciences Acquisition Corp.(BLACU) - 2024 Q1 - Quarterly Report