Breeze Holdings Acquisition Corp. has reported its financial performance for the fiscal year ending December 31, 2024, revealing a net loss of $2.3 million, a decrease from the $2.5 million loss reported in 2023. The company has not generated any operating revenue to date, as its activities have primarily focused on identifying potential business combinations. As of December 31, 2024, Breeze held approximately $10.5 million in its trust account, which is earmarked for a future business combination. The company has incurred significant costs related to its public company obligations, including legal and compliance expenses.
In terms of operational developments, Breeze has faced challenges in completing its initial business combination. The company entered into a merger agreement with YD Biopharma Limited, which is expected to close in April 2025, subject to customary closing conditions. However, the company previously terminated its merger agreement with TV Ammo, Inc. in August 2024, indicating a shift in strategic direction. The company has also extended the deadline for completing its business combination multiple times, with the latest extension allowing until June 26, 2025.
Breeze's management team has emphasized its focus on the defense technology sector for potential acquisitions. The company has a working capital deficit of $17.4 million as of December 31, 2024, which raises concerns about its ability to meet obligations without securing additional financing. The management has indicated that it may need to raise additional funds to cover transaction costs or to meet redemption requests from public stockholders, which could further complicate the completion of a business combination.
The company has also faced regulatory challenges, including a delisting notice from Nasdaq due to non-compliance with listing requirements. As a result, Breeze's securities began trading on the OTCQX Best Market in August 2024. The company has acknowledged that its status as a blank check company may limit its ability to attract suitable business combination targets, particularly as it competes with other entities for acquisition opportunities.
Looking ahead, Breeze's management remains optimistic about completing a business combination by the extended deadline. However, the company has cautioned that its ability to do so is contingent on various factors, including market conditions and the successful negotiation of terms with potential targets. The management's focus on cost management and operational efficiency is expected to play a crucial role in navigating the challenges ahead.
About Breeze Holdings Acquisition Corp.
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