Globalink Investment Inc. reported a net loss of $738,555 for the three months ended March 31, 2025, compared to a loss of $375,307 during the same period in 2024. The company's revenue primarily consists of interest income from cash held in a Trust Account, which amounted to $32,099 in the latest quarter, a significant decrease from $342,667 in the prior year. Operating expenses also decreased to $320,256 from $597,133, largely due to a reduction in general and administrative expenses, which fell from $603,471 to $270,256. The company’s basic and diluted net loss per share for redeemable common stock was $(0.18), while for non-redeemable common stock, it was $(0.20).
In terms of operational changes, Globalink has not yet commenced any business operations as it continues to seek a suitable target for its initial business combination. The company has extended the deadline for completing this combination to June 9, 2025, following multiple extensions approved by stockholders. As of March 31, 2025, the company had cash of $3,468 outside the Trust Account, which is a decrease from $253,507 at the end of 2024. The Trust Account held approximately $3.56 million, which is intended to be used for the business combination.
Strategically, Globalink is in the process of finalizing a merger agreement with Alps Global Holding Pubco, which has undergone several amendments to remove certain conditions, including the requirement for the continued listing of Globalink’s securities on Nasdaq. The company’s securities were suspended from trading on Nasdaq in December 2024 due to non-compliance with listing rules and have since been quoted on the OTC Pink market. The company is also engaged in private investment in public equity (PIPE) agreements, with recent subscriptions totaling approximately $3.28 million.
The company’s financial position remains precarious, with a working capital deficit of approximately $6.8 million as of March 31, 2025. Globalink has incurred significant liabilities, including promissory notes totaling $4,507,595, primarily owed to related parties. The company has indicated that it may need to raise additional capital to meet its operational needs and complete the business combination. Management has expressed uncertainty about its ability to continue as a going concern if the business combination is not consummated by the extended deadline.
About GLOBALINK INVESTMENT INC.
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