Israel Acquisitions Corp, a blank check company focused on mergers and acquisitions, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company’s total current assets decreased to $81.6 million from $154.5 million at the end of 2023, primarily due to a substantial decline in cash and cash equivalents, which fell from $671,628 to $26,702. The cash and marketable securities held in the trust account also saw a decrease from $153.7 million to $81.5 million during the same period.
The company reported a loss from operations of $234,272 for the three months ended September 30, 2024, compared to a loss of $185,706 for the same period in 2023. For the nine months ended September 30, 2024, the loss from operations was $1.16 million, up from $731,022 in the prior year. Despite these losses, Israel Acquisitions Corp generated dividend income from marketable securities, which increased significantly to $1.05 million for the three months ended September 30, 2024, compared to $58,137 in the same period of 2023.
Net income for the three months ended September 30, 2024, was reported at $810,926, a decrease from $1.77 million in the previous year. For the nine-month period, net income also declined to $2.13 million from $4.35 million in 2023. The basic and diluted net income per share for Class A ordinary shares subject to possible redemption remained stable at $0.13 for the three months ended September 30, 2024, consistent with the previous year.
The company’s total liabilities increased to $6.51 million as of September 30, 2024, from $5.67 million at the end of 2023, contributing to a total shareholders’ deficit of $(6.45 million), up from $(4.85 million). The company reported a working capital deficit of $1.05 million, a significant decline from a working capital surplus of $554,474 at the end of 2023.
Strategically, Israel Acquisitions Corp entered into a business combination agreement with Pomvom Ltd. on January 2, 2024, which was later mutually terminated on August 22, 2024. Subsequently, on October 16, 2024, the company signed a non-binding letter of intent with Gadfin Aero-Logistics Systems for a potential business combination. The company continues to evaluate its financial position amid geopolitical uncertainties and may require additional financing to complete its initial business combination, raising concerns about its ability to continue as a going concern within the next year.
About Israel Acquisitions Corp
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