Battery Future Acquisition Corp. (BFAC), a shell company incorporated on July 29, 2021, reported a net income of $2.2 million for the nine months ended September 30, 2024, compared to $1.6 million for the same period in the previous year. This increase in net income is attributed to a favorable change in the fair value of warrant liabilities and interest earned on investments held in the trust account. The company’s net income for the three months ended September 30, 2024, was $350,431, a decrease from $794,084 in the same quarter of 2023.

As of September 30, 2024, BFAC had cash of $12,215 and a working capital deficit of $385,665, a significant improvement from a deficit of $4.6 million at the end of 2023. The company has not commenced any operations and generates non-operating income primarily from interest. The total assets and liabilities were not specified in the filing.

BFAC's initial public offering (IPO) on December 17, 2021, raised gross proceeds of $345 million, with 34.5 million units sold at $10.00 each. The company has since faced challenges in completing its initial business combination, with the deadline extended to June 17, 2025. Shareholders approved several amendments, including the removal of monthly extension payment requirements and the elimination of restrictions on redeeming public shares.

In terms of shareholder activity, BFAC has seen significant redemptions. In the first redemption, 23,063,075 Class A ordinary shares were redeemed for approximately $243.2 million. Following subsequent redemptions, the company had approximately $56.3 million remaining in the trust account as of November 14, 2023, and $42.2 million after the second redemption on May 30, 2024.

Strategically, BFAC entered into a share purchase agreement on January 16, 2024, transferring 4,193,695 Class B ordinary shares to a new sponsor. Additionally, the company canceled 16.3 million private placement warrants and promissory notes totaling $6.4 million, with accrued interests forgiven. The company has raised concerns regarding its ability to continue as a going concern due to liquidity issues and the uncertainty surrounding the completion of a business combination.

As of September 30, 2024, BFAC had 5,170,599 Class A ordinary shares and 8,625,000 Class B ordinary shares outstanding, with Class A shares subject to possible redemption classified as temporary equity. The company continues to evaluate the impact of market conditions and the COVID-19 pandemic on its financial position.