Aquaron Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, classified as a shell entity, experienced a notable decline in total current assets, which fell to $274.6 thousand from $2.5 million as of December 31, 2023. Cash holdings also decreased significantly to $109.7 thousand, down from $339 at the end of the previous fiscal year. Investments held in the Trust Account saw a substantial drop to $9.1 million from $32.0 million.
Total assets decreased to $9.4 million, while total liabilities increased to $5.2 million, up from $4.4 million. The accumulated deficit worsened to $(4.96 million) compared to $(4.30 million) at the end of 2023. The company reported a loss from operations of $(351.4 thousand) for the three months ended September 30, 2024, compared to a loss of $(127.4 thousand) for the same period in 2023. For the nine-month period, the loss from operations was $(567.4 thousand), an improvement from $(752.8 thousand) in the prior year.
Net income for the three months ended September 30, 2024, was $(257.7 thousand), a stark contrast to a net income of $253.3 thousand in the same quarter of 2023. For the nine months, the company reported a net loss of $(103.5 thousand), down from a net income of $716.2 thousand in the previous year. The basic and diluted net loss per share for non-redeemable common stock was $(0.19) for the three months ended September 30, 2024, compared to $(0.09) in 2023.
Strategically, Aquaron Acquisition Corp. entered into a merger agreement with HUTURE Ltd. on July 12, 2024, after terminating a previous agreement with Bestpath on July 12, 2024. The new merger implies an equity value of $1.0 billion for HUTURE prior to closing. The company has until December 6, 2024, to complete this business combination, or it will face mandatory liquidation.
The company has also faced challenges with Nasdaq compliance, receiving notices for non-compliance with listing rules. However, on November 4, 2024, the Nasdaq Hearings Panel allowed the company to continue its listing, contingent upon demonstrating compliance by February 24, 2025.
Overall, Aquaron Acquisition Corp. is navigating a challenging financial landscape while pursuing strategic mergers in the new energy sector, with significant implications for its future operations and financial health.
About Aquaron Acquisition Corp.
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