Northern Revival Acquisition Corporation (NRAC), previously known as Noble Rock Acquisition Corporation, reported significant financial developments in its 10-Q filing for the period ending June 30, 2024. The company, classified as a shell entity and an emerging growth company, has not commenced operations and generated no operating revenues. As of June 30, 2024, NRAC's total assets amounted to $19.5 million, a decrease from $21.0 million at the end of the previous fiscal year. This decline was primarily due to a reduction in cash in the Trust Account, which fell from $20.96 million to $19.50 million.
The company reported a net loss of $59,565 for the three months ended June 30, 2024, contrasting with a net income of $120,649 for the same period in 2023. For the six months ended June 30, 2024, NRAC recorded a net loss of $335,501, an improvement from a loss of $529,413 in the prior year. The decrease in losses was attributed to lower general and administrative expenses, which totaled $390,000 for the first half of 2024 compared to $1.5 million in the same period of 2023.
In terms of share activity, NRAC saw a significant redemption of Class A ordinary shares. As of June 30, 2024, 1,451,876 shares were tendered for redemption, leaving 6,310,934 shares outstanding. The redemption price was approximately $11.25 per share, totaling about $16.33 million. The company has extended its deadline to complete a business combination to November 4, 2024, following several shareholder meetings that approved extensions and amendments to its business combination agreements.
Strategically, NRAC entered into a Business Combination Agreement with Braiin Limited, which includes the acquisition of PowerTec Holdings Ltd. and plans for further acquisitions. An amended agreement executed on October 1, 2023, outlines a two-step merger process with PubCo, a wholly-owned subsidiary, and a share exchange valued at $572 million.
Liquidity remains a concern for NRAC, with only $453 in cash and a working capital deficit of approximately $4.1 million as of June 30, 2024. The company has expressed substantial doubt about its ability to continue as a going concern if it fails to complete the business combination by the extended deadline. Additionally, NRAC received a notice from Nasdaq regarding non-compliance with listing rules, leading to the suspension of trading on February 14, 2024, and subsequent delisting on April 25, 2024. The company intends to reapply for Nasdaq listing upon closing its business combination.
About NORTHERN REVIVAL ACQUISITION Corp
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