Marblegate Acquisition Corp. reported a net loss of $2.39 million for the fiscal year ending December 31, 2024, a decrease from a net loss of $5.39 million in the previous year. The company's operating costs for 2024 were $2.57 million, down from $5.75 million in 2023. The reduction in losses is attributed to a decrease in operating and formation costs, although the company continues to incur significant expenses related to its status as a public entity and its ongoing search for a business combination.
As of December 31, 2024, Marblegate held approximately $4.06 million in its trust account, a decline from $6.78 million at the end of 2023. The company has faced challenges in maintaining its cash reserves, particularly following several extensions of its business combination period, which have led to stockholder redemptions. In total, stockholders redeemed approximately $2.9 million in shares during the fourth extension meeting held on September 10, 2024, resulting in a reduced number of public shares outstanding to 368,879.
Strategically, Marblegate is pursuing a business combination with DePalma Acquisition, which is expected to close in early April 2025, pending customary closing conditions. The DePalma Business Combination is valued at approximately $750 million, and the company aims to leverage its management team's expertise in identifying and executing business combinations with post-restructured companies. The company has also issued several promissory notes to Marblegate SOMF for working capital, totaling $3.39 million as of December 31, 2024.
Marblegate's management has expressed concerns regarding its ability to continue as a going concern, given its current financial position and the need to complete a business combination by April 5, 2025. The company has indicated that if it fails to complete the business combination by this deadline, it will be required to liquidate and distribute the funds held in the trust account to stockholders. The company is also facing potential delisting from Nasdaq due to its failure to complete a business combination within the required timeframe, although it has received temporary relief until March 31, 2025.
Looking ahead, Marblegate's management remains focused on finalizing the DePalma Business Combination and is actively seeking to secure additional financing to support its operations and potential growth. The company continues to evaluate its options for raising capital and managing its liquidity as it approaches the deadline for completing its initial business combination.
About Marblegate Acquisition Corp.
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