DP Cap Acquisition Corp I reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company had 5,798,092 Class A ordinary shares and 3 Class B ordinary shares outstanding as of November 13, 2024. Total current assets decreased to $304,829 from $426,283 as of December 31, 2023, with cash on hand dropping to $258,747 from $409,643. The Trust Account, which holds cash and investments, saw a substantial decline, with funds decreasing to $17,318,372 from $44,290,118.
Total assets fell sharply to $17,623,201 from $44,716,401, while total liabilities increased to $14,038,994 from $13,769,102. The shareholders’ deficit widened to $(13,734,165) compared to $(13,342,819) at the end of the previous fiscal year.
In terms of profitability, the company reported a net income of $34,794 for the three months ended September 30, 2024, a significant decline from $275,282 in the same period of 2023. For the nine months ended September 30, 2024, the company recorded a net loss of $(239,189), contrasting sharply with a net income of $3,517,704 for the same period in 2023. Earnings on cash held in the Trust Account also decreased, with $183,818 reported for the quarter compared to $562,845 in the prior year.
Operationally, DP Cap Acquisition Corp I has not commenced any operations and has not identified a target for a business combination as of the reporting date. The company is under pressure to complete a business combination by November 12, 2025, or face liquidation. The company has been actively managing its cash flow, with net cash used in operating activities amounting to $(690,012) for the nine months ended September 30, 2024, compared to $(366,062) in the previous year.
The company has faced challenges, including a working capital deficit of $1,084,165 and a reliance on capital contributions from its sponsor to fund operations. Additionally, the company received a delisting notice from Nasdaq on November 12, 2024, due to its failure to complete a business combination within the required timeframe, and it has opted not to appeal this decision.
Overall, DP Cap Acquisition Corp I is navigating a challenging financial landscape, with significant declines in assets, profitability, and operational progress compared to the previous fiscal period.
About DP Cap Acquisition Corp I
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