Breeze Holdings Acquisition Corp. reported a net loss of $3.37 million for the first quarter of 2025, a significant decrease from the $22.02 million loss recorded in the same period of 2024. The company’s operating costs also decreased to $353,819 from $1.05 million year-over-year. The reduction in losses is attributed to a substantial decline in the change in fair value of warrant liabilities, which fell to $3.05 million from $21.13 million. The basic and diluted net loss per share improved to $(0.98) compared to $(5.12) in the prior year.
As of March 31, 2025, Breeze Holdings had total assets of $3.52 million, a sharp decline from $10.78 million at the end of 2024. This decrease was primarily due to a significant reduction in cash held in the trust account, which dropped to $3.28 million from $10.53 million. The company’s liabilities also decreased to $16.76 million from $20.66 million, largely due to the redemption of shares and the reclassification of common stock subject to possible redemption.
Breeze Holdings has been actively pursuing a business combination, having extended its deadline to June 26, 2025. The company has engaged in several strategic initiatives, including a merger agreement with YD Biopharma, which is currently in progress. The company’s stockholders approved multiple extensions to allow for additional time to complete the business combination, with the latest extension allowing for a maximum of six one-month extensions. As of the latest report, 272,103 shares remain outstanding after recent redemptions.
The company continues to face challenges, including a working capital deficit of $10.42 million as of March 31, 2025. Management has indicated that it may need to raise additional funds to meet operational needs and complete the business combination. The company’s ability to continue as a going concern is contingent upon successfully completing a business combination within the specified timeframe. The management has expressed confidence in their plans but acknowledges the inherent risks associated with the current market conditions and the ongoing geopolitical tensions that could impact their operations.
About Breeze Holdings Acquisition Corp.
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