Evergreen Corporation's financial performance for the period ending August 31, 2024, reflects significant changes compared to the previous fiscal period. The company reported total assets of $54.6 million, a decrease from $83.1 million as of November 30, 2023. Current assets also saw a decline, dropping to $66.7 million from $191.9 million. Cash reserves were notably reduced, with cash at $50.8 million compared to $146.9 million in the prior period. The cash and marketable securities held in the trust account decreased to $54.5 million from $82.9 million.
Total liabilities increased to $9.7 million from $8.1 million, with current liabilities rising to $5.7 million from $4.1 million. The accumulated deficit widened to $(9.6 million) from $(7.9 million), indicating ongoing financial challenges. Total shareholders’ deficit also increased to $(9.6 million) from $(7.9 million).
In terms of profitability, Evergreen reported a net income of $544,062 for the three months ended August 31, 2024, down from $1.1 million in the same period of the previous year. For the nine months ended August 31, 2024, net income was $2.2 million, a decrease from $3.1 million in the prior year. Basic and diluted net income per share for the three months was $0.07, compared to $0.09 in the previous year, while for the nine months, it remained stable at $0.23 versus $0.22.
The company experienced a net cash used in operating activities of $(436,635) for the nine months ended August 31, 2024, an improvement from $(582,992) in the same period of 2023. Cash withdrawn from the trust account for redemptions was $32.4 million, down from $43.1 million in the prior year. Net cash provided by investing activities also decreased to $31.2 million from $40.4 million.
Evergreen Corporation, incorporated on October 21, 2021, has not commenced any operations as of the reporting date. The company went public on February 11, 2022, raising $100 million in gross proceeds from its initial public offering (IPO). The IPO transaction costs totaled $8.6 million, with a significant portion allocated to underwriting fees and other costs. The trust account strategy involves investing in U.S. government securities or money market funds until a business combination is completed.
About Evergreen Corp
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