Marblegate Acquisition Corp. reported its financial results for the period ending September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had total assets of $4.15 million, a decrease from $6.94 million as of December 31, 2023. Current assets also fell to $123.32 million from $159.47 million, primarily due to a reduction in cash held in the Trust Account, which decreased from $6.78 million to $4.03 million.

The company’s total liabilities increased to $23.52 million from $21.64 million, with current liabilities rising to $535,726 from $483,455. The accumulated deficit grew to $(23.38 million) from $(21.48 million), reflecting ongoing operational challenges.

For the three months ended September 30, 2024, Marblegate reported a net loss of $(565,795), an improvement from a net loss of $(885,983) in the same period of 2023. Operating costs decreased significantly to $604,684 from $960,044 year-over-year. For the nine-month period, the net loss was $(1.71 million), down from $(4.40 million) in the prior year, indicating a reduction in operational expenses and improved financial management.

The company’s interest income from cash and marketable securities held in the Trust Account also declined, totaling $69,716 for the three months ended September 30, 2024, compared to $103,460 in the prior year. However, total other income for the same period decreased to $70,990 from $94,360.

Marblegate's cash position at the end of the reporting period was $96,701, a decrease from $123,870 at the end of 2023. The company utilized $914,690 in operating activities during the nine months ended September 30, 2024, a reduction from $2.28 million in the same period of 2023. The company also reported net cash provided by investing activities of $2.97 million, an increase from $2.66 million year-over-year.

Strategically, Marblegate extended its deadline for completing a business combination from October 5, 2024, to April 5, 2025, following a fourth extension amendment filed on September 10, 2024. This extension was accompanied by stockholder redemptions, with 268,726 public shares redeemed for approximately $2.9 million. The company has faced challenges in meeting Nasdaq's business combination requirements, receiving a notice of non-compliance on October 1, 2024, and has scheduled a hearing for November 19, 2024, to address potential delisting.

Overall, Marblegate Acquisition Corp. continues to navigate a complex financial landscape while working towards a successful business combination.