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Alchemy Investments Acquisition 1(ALCY) - 2024 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $1,456,069, an increase from $1,362,467 in the same period of 2023, reflecting a growth of approximately 6.9%[95] - For the nine months ended September 30, 2024, the company achieved a net income of $4,183,639, compared to $1,933,283 for the same period in 2023, indicating a significant increase of approximately 116.5%[96] - The company incurred operating costs of $158,154 for the three months ended September 30, 2024, down from $174,629 in the same period of 2023, representing a decrease of about 9.5%[95] - For the nine months ended September 30, 2024, net cash used in operating activities was $500,104, compared to $748,752 for the same period in 2023, showing a reduction of approximately 33.2%[97][98] Cash and Liquidity - As of September 30, 2024, the company had $339,638 in cash and cash equivalents held outside of the Trust Account, with a working capital deficit of $877,569[103] - The company anticipates that cash held outside the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[104] - The company has no long-term debt or capital lease obligations as of September 30, 2024[105] Business Operations - The company has until November 9, 2024, to complete a Business Combination, with the possibility of extending this deadline to February 9, 2025, and potentially on a month-to-month basis until September 9, 2025[104] Capital Raising - The company generated gross proceeds of $115,000,000 from its Initial Public Offering on May 9, 2023, including proceeds from the underwriter's over-allotment option[101] - The company placed $116,725,000 from the net proceeds of the Initial Public Offering and Private Placement Shares into a Trust Account[103]