Slam (US:SLAM)2024-11-19 21:19Financial Performance - For the three months ended September 30, 2024, the company reported a net income of approximately $2.8 million, consisting of approximately $2.5 million in non-operating income and approximately $964,000 from cash held in the Trust Account[184]. - For the nine months ended September 30, 2024, the company had a net income of approximately $0.3 million, with approximately $1.0 million in non-operating income and approximately $2.8 million from cash held in the Trust Account[186]. - The company had a net income of approximately $5.6 million for the nine months ended September 30, 2023, compared to $0.3 million for the same period in 2024[187]. Financial Position - As of September 30, 2024, the company had approximately $34,000 in its operating bank account and a working capital deficit of approximately $4.7 million[189]. - The company issued an unsecured promissory note totaling up to $10,947,000 to the Sponsor, with $10,715,000 outstanding as of September 30, 2024[192]. - The company recognized the Backstop Agreement as a liability at its fair value, subject to remeasurement at each balance sheet date until exercised[199]. Operational Status - The company has not engaged in any operations or generated any revenues to date, with only organizational activities and preparations for the IPO since inception[183]. - The company incurred approximately $3.3 million in general and administrative expenses for the nine months ended September 30, 2024[186]. Future Outlook - The company has a scheduled liquidation date of December 25, 2024, if it does not complete its initial business combination by that date[195]. - The company expects to incur significant costs in pursuing its initial business combination, with no assurance of success in raising capital[182].