Yotta Acquisition Corp, a special purpose acquisition company (SPAC) focused on high technology, blockchain, and other general business industries globally, has released its Form 10-Q report for the third quarter of 2023. The report provides insights into the company's financial performance and ongoing business activities, including efforts to complete a business combination.
Financial Highlights
- Net Income: $866,518 for the three months ended September 30, 2023, compared to $248,109 for the same period in 2022, reflecting an increase due to higher interest income and other income.
- Net Income: $1,176,792 for the nine months ended September 30, 2023, compared to $227,889 for the same period in 2022, driven by increased interest income.
- Basic and diluted net income per share, common stock subject to possible redemption: $0.12 for both the three and nine months ended September 30, 2023, compared to $0.02 for the same periods in 2022.
- Basic and diluted net income per share, common stock: $0.12 for both the three and nine months ended September 30, 2023, compared to $0.02 for the same periods in 2022.
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. Yotta has demanded a $3 million termination fee from NaturalShrimp.
- Extension of Business Combination Deadline: The company has extended the deadline for completing a business combination multiple times by depositing funds into the Trust Account, with the latest extension allowing until August 22, 2024, without additional deposits.
- Trust Account Management: As of September 30, 2023, Yotta Acquisition Corporation had $43,539,360 in its Trust Account, which is intended for use in acquiring a target business and covering related expenses.
- Redemption of Shares: During special meetings in April and September 2023, a significant number of shares were tendered for redemption, resulting in substantial withdrawals from the Trust Account to pay redeeming shareholders.
- Promissory Notes Issued: The company issued several promissory notes to its Sponsor to cover extension fees and working capital needs, totaling $1,625,000 as of September 30, 2023.
- Non-Redemption Agreements: Yotta entered into agreements with third parties to prevent redemption of shares during the September special meeting, resulting in the transfer of 299,340 shares from the Sponsor to these parties.
- Future Outlook: The company anticipates incurring significant costs as it continues to pursue a business combination and remains a publicly traded entity. It may need additional financing to complete a business combination or redeem public shares.
SEC Filing: