Thunder Bridge Capital Partners IV, Inc. reported significant financial developments in its 10-Q filing for the period ending September 30, 2024. The company, classified as a shell entity, has not commenced any operations since its Initial Public Offering (IPO) on July 2, 2021. As of September 30, 2024, total assets decreased to $31.5 million from $37.3 million at the end of 2023, primarily due to a reduction in cash held in the Trust Account, which fell from $37.3 million to $31.5 million.
Current liabilities increased to $6.5 million, up from $6.0 million at the end of 2023. However, stockholders’ equity improved significantly, moving from a deficit of $14.4 million to $(7.0 million). The company reported a net loss of $228,570 for the nine months ended September 30, 2024, a stark contrast to a net income of $4.1 million for the same period in 2023. For the third quarter alone, net income was $122,259, down from $205,799 in the prior year.
Operating expenses for the nine months ended September 30, 2024, totaled $880,026, slightly higher than $849,809 in the previous year. The company also experienced a substantial decline in interest income, which dropped to $1.1 million from $5.8 million year-over-year. The change in fair value of warrant liabilities also negatively impacted results, contributing to a loss of $243,008 compared to a gain of $390,110 in the prior year.
In terms of strategic developments, the company has extended its business combination deadline to January 2, 2025, following stockholder approval. The Coincheck Business Combination Agreement, initially set to close by July 2, 2024, has undergone multiple amendments, with the latest amendment on October 8, 2024, resulting in the forfeiture of 2,365,278 shares by the Sponsor. A special stockholder meeting is scheduled for December 5, 2024, to seek approval for this combination.
The company has faced challenges with compliance regarding Nasdaq listing requirements, receiving notices for non-compliance but subsequently demonstrating compliance with the Total Stockholders Rule. As of September 30, 2024, the company reported a working capital deficit of approximately $6.5 million and expressed substantial doubt about its ability to continue as a going concern, indicating potential liquidity issues in meeting its obligations over the next year.
About Thunder Bridge Capital Partners IV, Inc.
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