BlueRiver Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, classified as a shell entity, has seen a drastic decline in its cash reserves, with only $6,035 available compared to $39,582 at the end of 2023. Total current assets also fell sharply from $39.6 million to $27.3 million, while total assets decreased from $20.2 million to $1.1 million. The Trust Account, which previously held $20.2 million, now contains $1.03 million, reflecting substantial cash withdrawals due to shareholder redemptions.
Total liabilities increased from $5.9 million to $8.2 million, leading to a shareholders' deficit that widened from $(5.7 million) to $(8.0 million). The company reported a net loss of $(109,866) for the three months ended September 30, 2024, a significant reduction from $(3.2 million) in the same period the previous year. For the nine months ended September 30, 2024, the net loss was $(1.5 million), down from $(4.5 million) in 2023. General and administrative expenses also decreased markedly, from $3.5 million to $194,595 for the three months ended September 30, 2024.
The company has faced challenges in completing a business combination, with the latest extension approved on August 2, 2024, allowing up to four additional three-month extensions, pushing the deadline to August 2, 2025. Shareholder redemptions have been significant, with 1,475,947 Public Shares redeemed for approximately $16.6 million in cash during the Fourth Special Meeting. This follows earlier redemptions of 305,218 shares for about $3.3 million and 138,816 shares for approximately $1.5 million.
BlueRiver's operational status remains stagnant, as it has not commenced any business operations and reported no revenue. The company is preparing for potential liquidation if a business combination is not completed by the extended deadline. The NYSE American suspended trading of its securities in July 2024, leading to a delisting process that may hinder future financing efforts.
Management has expressed substantial doubt regarding the company's ability to continue as a going concern, primarily due to liquidity issues and the need for additional borrowing from the Sponsor. As of September 30, 2024, the company had drawn down a total of $974,800 under a promissory note agreement with the Sponsor, leaving $1.5 million outstanding under Working Capital Loans.
About BlueRiver Acquisition Corp.
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