Yotta Acquisition Corp, a company focused on pursuing business combinations in high technology, blockchain, and other general business industries globally, has released its Form 10-Q report for the second quarter of 2024. The report provides insights into the company's financial performance and ongoing business activities, including efforts to complete a business combination and the extension of related deadlines.
Financial Highlights
- Net Income: $233,436 for the three months ended June 30, 2024, reflecting a decrease in general and administrative expenses compared to the same period in 2023.
- Net Income: $191,856 for the six months ended June 30, 2024, indicating a reduction in franchise tax expenses and income tax provision compared to the previous year.
- Basic and diluted net income per share, common stock subject to possible redemption: $0.06 for the three months ended June 30, 2024, showing an increase from $0.03 in the same period in 2023.
- Basic and diluted net income per share, non-redeemable common stock: $0.06 for the three months ended June 30, 2024, up from $0.03 in the same period in 2023.
- Basic and diluted net income per share, common stock subject to possible redemption: $0.05 for the six months ended June 30, 2024, compared to $0.03 in the same period in 2023.
- Basic and diluted net income per share, non-redeemable common stock: $0.05 for the six months ended June 30, 2024, compared to $0.03 in the same period in 2023.
Business Highlights
- Business Combination Efforts: Yotta Acquisition Corporation is actively pursuing a business combination, focusing on high technology, blockchain, and other general business industries globally. The company has extended its deadline to complete a business combination to August 22, 2024.
- Termination of Merger Agreement: The company terminated its merger agreement with NaturalShrimp Incorporated due to breaches by NaturalShrimp, including failure to share costs associated with extending the business combination deadline.
- Extension of Business Combination Deadline: The company has extended the deadline for completing a business combination multiple times, with the latest extension allowing until August 22, 2024, without requiring additional deposits into the trust account.
- Promissory Notes for Working Capital: Yotta Acquisition Corporation has issued several promissory notes to its sponsor to cover working capital needs and extend the time for completing a business combination.
- Future Outlook: The company anticipates incurring significant professional costs to remain publicly traded and transaction costs in pursuit of a business combination. If unable to complete a business combination by the extended deadline, the company will liquidate.
SEC Filing: