GSR III Acquisition Corp. Reports Q3 2024 Financial Results with Increased Net Loss

GSR III Acquisition Corp. reported its financial results for the third quarter of 2024, revealing a net loss of $85,810 for the three months ended September 30, 2024, compared to no losses in the same period last year. For the nine months ending September 30, 2024, the company recorded a net loss of $116,235, a significant increase from a loss of $13,392 during the same period in 2023. The increase in losses is attributed to general and administrative expenses, which totaled $85,810 for the quarter and $116,235 for the nine-month period.

The company’s balance sheet as of September 30, 2024, shows total assets of $749,792, a substantial increase from $8,502 at the end of 2023. This growth is primarily due to the deferred offering costs of $749,792, reflecting the company's preparations for its Initial Public Offering (IPO). Current liabilities stood at $744,297, which includes accrued expenses of $704,541 and a related party promissory note of $39,756. Shareholders' equity decreased to $5,495 from $8,502 at the end of 2023, largely due to the accumulated deficit rising to $132,733.

GSR III Acquisition Corp. has not yet commenced operations, as all activities to date have focused on its formation and the IPO process. The company successfully completed its IPO on November 8, 2024, raising gross proceeds of $230 million from the sale of 23 million units, including an over-allotment option. Additionally, a private placement generated $4.225 million, which will be used to cover some general and administrative expenses. The company has also entered into an administrative services agreement with its sponsor, which will provide office space and support services for a monthly fee.

As of September 30, 2024, GSR III Acquisition Corp. had a working capital deficit of $744,297. However, following the IPO, the company reported a working capital surplus of $1.91 million as of November 8, 2024. Management expressed confidence in the company’s liquidity, stating that it expects to have sufficient funds to support operations for at least the next twelve months. The company is actively seeking a business combination and has indicated that it may extend the time frame for completing such a transaction if necessary, subject to shareholder approval.

Looking ahead, GSR III Acquisition Corp. remains focused on identifying potential business combinations. The company has not generated any operating revenues and will rely on non-operating income from the proceeds held in its trust account until a business combination is completed. Management continues to monitor global events that may impact its operations and financial position, although the specific effects remain uncertain at this time.