Kairous Acquisition Corp. Limited, a blank check company incorporated on March 24, 2021, has reported its financial performance for the three months ended September 30, 2024. The company has not generated any operating revenues since its inception and continues to pursue a business combination, with a proposed merger with Bamboo Mart expected to close by March 31, 2025.
As of September 30, 2024, Kairous reported total assets of $16.6 million, an increase from $16.2 million as of June 30, 2024. Current assets decreased significantly from $73,187 to $44,529, while cash increased from $985 to $6,103. Total liabilities rose to $6.3 million from $5.9 million, contributing to an accumulated deficit of $(6.2 million), up from $(5.9 million) in the previous quarter.
For the third quarter of 2024, Kairous reported total expenses of $230,774, a decrease from $357,484 in the same period of 2023. The loss from operations also improved, with a loss of $(230,774) compared to $(357,484) a year earlier. The net loss attributable to ordinary shares was $(16,891) for Q3 2024, significantly lower than $(57,815) in Q3 2023. This reduction in losses is attributed to lower operating costs and interest income of $213,883, which partially offset the losses.
Cash used in operating activities decreased to $(88,352) in Q3 2024 from $(198,209) in Q3 2023. The company reported net cash provided by financing activities of $243,470, down from $522,000 in the prior year. The cash balance at the end of the period was $6,103, compared to $3,150 a year earlier.
Kairous has been actively working on its business combination strategy, having entered into a merger agreement with NR Instant Produce Public Company Limited and Bamboo Mart Limited. The merger consideration was amended to $188 million, which includes earn-out provisions based on performance metrics. The company has also issued multiple promissory notes to extend the business combination deadline, with the latest extension set to November 16, 2024.
Management has expressed substantial doubt about the company's ability to continue as a going concern due to its history of losses and insufficient liquidity. If the business combination is not completed by the extended deadline, Kairous will be required to cease operations and liquidate.
About Kairous Acquisition Corp. Ltd
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