Bukit Jalil Global Acquisition 1 Ltd. (the "Company"), a blank check company incorporated on September 15, 2022, has reported its financial performance for the period ending September 30, 2024. The Company has not yet commenced operations and is focused on completing a business combination, which is required to generate operating revenues.

As of September 30, 2024, the Company reported total assets of $32.4 million, a significant decrease from $60.3 million as of December 31, 2023. This decline is primarily attributed to a reduction in investments held in the Trust Account, which fell from $59.9 million to $32.1 million during the same period. Total current assets also decreased from $397.1 million to $260.2 million, while total current liabilities surged from $157.6 million to $1.3 million, resulting in a working capital deficit of $1.1 million.

The Company reported a net loss of $323 for the three months ended September 30, 2024, compared to a net income of $483,010 for the same period in 2023. For the nine months ended September 30, 2024, net income was $1.1 million, a notable increase from $354,026 in the prior year. The increase in net income for the nine-month period was driven by dividend income from investments, which rose to $2 million from $735,583 in the previous year.

Operating costs for the three months ended September 30, 2024, increased to $444,524 from $255,158 in the same period of 2023. For the nine-month period, operating costs rose to $915,221 from $384,646, reflecting the Company's ongoing organizational and IPO-related activities.

The Company completed its IPO on June 30, 2023, raising gross proceeds of $57.5 million from the sale of 5.75 million public units, alongside an additional $4.2 million from a private placement. However, management has expressed substantial doubt regarding the Company's ability to continue as a going concern due to insufficient cash and working capital to complete planned activities for a business combination within the upcoming year.

Strategically, the Company entered into a business combination agreement with GIBO Holdings Limited on August 5, 2024, involving a two-step merger process with a total merger consideration of $8.28 billion. The deadline for completing this business combination is set for November 30, 2024, following extensions granted by the Sponsor. The Company has also incurred additional costs related to extensions, totaling $400,000, to ensure compliance with the business combination timeline.