Globalink Investment Inc. Reports $978,445 Net Loss for Fiscal Year 2024 Amid Merger Agreement with Alps Holdco

Globalink Investment Inc. reported a net loss of $978,445 for the fiscal year ending December 31, 2024, a significant decline from a net income of $1,320,324 in the previous year. The company attributed this loss primarily to increased operating expenses, which totaled $1,569,710, alongside franchise tax expenses and interest costs. The interest income from cash held in the Trust Account was $1,285,520, which partially offset the losses. As of December 31, 2024, the company had cash of $3,349,591 in the Trust Account, down from $28,668,218 the previous year, reflecting the impact of stockholder redemptions.

In terms of strategic developments, Globalink has entered into a merger agreement with Alps Holdco, a Malaysian company, with a total consideration of $1.6 billion. This agreement, which was amended on March 6, 2025, removes certain financial requirements previously stipulated, such as the net tangible asset requirement. The merger is structured to be completed in two steps, with the expectation that Alps Holdco will become a wholly-owned subsidiary of the newly formed entity, PubCo. The merger is contingent upon stockholder approval and the listing of PubCo's shares on a national exchange.

Operationally, Globalink has faced challenges, including a delisting from Nasdaq on December 17, 2024, due to non-compliance with listing rules requiring a business combination within 36 months of its IPO. Following this, the company's securities began trading on OTC Pink. The company has extended its deadline to complete a business combination to April 9, 2025, with the possibility of further extensions until June 9, 2025, contingent upon additional deposits into the Trust Account.

The company has also seen significant stockholder activity, with multiple redemption events leading to the return of approximately $69.92 million in cash to stockholders in March 2023, $23.60 million in November 2023, and $26.89 million in December 2024. These redemptions have reduced the funds available for the business combination, raising concerns about the company's ability to meet the minimum cash requirements for potential target businesses.

Looking ahead, Globalink's management remains focused on completing the merger with Alps Holdco and is actively seeking to secure additional financing to support the transaction. However, the company acknowledges the risks associated with its current financial position and the potential challenges in executing its business strategy, particularly in light of the ongoing market conditions and regulatory environment.