Metal Sky Star Acquisition Corporation, a blank check company incorporated on May 5, 2021, has reported its financial performance for the first quarter of 2024. As of March 31, 2024, the company had total assets of $36.1 million, an increase from $35.4 million at the end of 2023. Total liabilities rose to $6.1 million from $5.7 million, resulting in an accumulated deficit of $6.1 million, up from $5.8 million in the previous period.
For the three months ended March 31, 2024, Metal Sky reported net income of $297,020, a decline from $595,502 in the same period of 2023. This decrease was attributed to a reduction in total other income, which fell to $458,839 from $858,920 year-over-year. The company’s operational costs also decreased to $161,819 from $263,418, indicating improved cost management.
The company’s cash position has significantly changed, with cash and cash equivalents at zero as of March 31, 2024, compared to $132,368 at the end of Q1 2023. The net cash used in investing activities was $250,000, a stark contrast to the $59.3 million provided in the same period last year. Financing activities provided $250,000 in Q1 2024, compared to a net outflow of $59.3 million in Q1 2023.
Metal Sky's strategic developments include the termination of a merger agreement with Future Dao Group Holding Limited on October 6, 2023, which had been initiated on April 12, 2023. The termination was mutual, with no fees incurred. The company is currently in the process of seeking a business combination, with a deadline extended to August 5, 2024, and a proposal to further extend this deadline to April 5, 2025, filed on August 6, 2024.
As of March 31, 2024, the company had 6,407,416 ordinary shares outstanding. The company has faced compliance issues with Nasdaq, including delinquency notifications for failing to file required reports and non-compliance with the Minimum Public Holders Rule. A hearing is scheduled for September 19, 2024, to address these compliance issues.
Overall, Metal Sky Star Acquisition Corporation continues to navigate its operational challenges while seeking to fulfill its purpose of effecting a business combination.
About Metal Sky Star Acquisition Corp
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