Slam (US:SLAM)2025-05-15 20:19Financial Position - As of March 31, 2025, the company had approximately $70 in its operating bank account and a working capital deficit of approximately $3.4 million[192]. - The company has a total of $1,474,000 outstanding under Working Capital Loans as of March 31, 2025[193]. - The company has no off-balance sheet arrangements as of March 31, 2025[202]. Net Loss - For the three months ended March 31, 2025, the company reported a net loss of approximately $692,000, which included approximately $491,000 in non-operating loss from the change in fair value of derivative warrant liabilities[189]. - For the three months ended March 31, 2024, the company had a net loss of approximately $947,000, with general and administrative expenses amounting to approximately $1.8 million[190]. Business Operations - The company has not engaged in any operations or generated any revenues to date, with only organizational activities conducted since inception[188]. - The company intends to complete an initial business combination by June 25, 2025, but there is substantial doubt about its ability to continue as a going concern if this is not achieved[201]. - The company expects to incur significant costs in pursuing its initial business combination, which may affect its liquidity[187]. - The company has incurred increased expenses due to being a public company, including legal and compliance costs[188]. Debt Obligations - The company issued an unsecured promissory note totaling up to $10,947,000 to the Sponsor, with $10,947,000 outstanding as of March 31, 2025[196].