SilverBox Corp III, classified as a shell company, reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company announced its intention to dissolve and liquidate on November 4, 2024, due to its failure to complete an initial business combination by the deadline of November 2, 2024. The expected redemption date for public shares is set for November 15, 2024.
As of September 30, 2024, SilverBox had cash on hand of $184,174, a substantial decrease from $790,318 at the end of 2023. Total current assets also fell to $389,454 from $1,052,587, while total assets decreased to $41,141,003 from $145,704,442. The company’s marketable securities held in the Trust Account dropped to $40,751,549 from $144,651,855. Current liabilities increased to $2,389,186 from $1,536,617, contributing to an accumulated deficit of $(6,613,711), up from $(4,475,547) at the end of 2023.
For the three months ended September 30, 2024, SilverBox reported a net income of $610,208, down from $1,193,412 in the same period of 2023. Operating costs rose to $521,774 from $275,991 year-over-year. Total other income for the quarter was $1,419,598, compared to $1,836,858 in the prior year. For the nine months ended September 30, 2024, net income increased to $3,055,078 from $2,309,197 in 2023, with total other income rising to $5,210,147 from $4,016,297.
The company’s initial public offering (IPO) on March 2, 2023, generated gross proceeds of $138 million from the sale of 13,800,000 units. However, following a special meeting on August 27, 2024, stockholders redeemed 10,019,700 shares, resulting in approximately $107 million being withdrawn from the Trust Account. The company has since reduced its outstanding shares to 3,780,300.
In terms of strategic developments, the company has faced challenges in identifying and evaluating prospective business combination candidates, compounded by geopolitical risks and market conditions. The company has also recorded a 1% excise tax payable of $1,073,971 related to the redemptions, reflecting ongoing financial pressures. As of September 30, 2024, SilverBox had no long-term debt or off-balance sheet arrangements, indicating a lean operational structure amidst its dissolution plans.
About SilverBox Corp III
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