Relativity Acquisition Corp. has reported a net loss of $440,564 for the fiscal year ending December 31, 2024, a significant improvement compared to a net loss of $2,305,489 in the previous year. The company's total revenue remains non-operational as it has not yet completed a business combination. The financial performance reflects general and administrative costs of $741,798, which decreased from $2,300,807 in 2023. The company also reported a change in the fair value of warrant liabilities, which contributed to the overall loss.
The company has undergone several strategic developments, including multiple extensions of its business combination deadline. Initially set for February 15, 2023, the deadline has been extended to February 15, 2026, allowing more time to identify and complete a business combination. The company has also entered into a Business Combination Agreement with Instinct Brothers Co., Ltd., which was announced on February 28, 2025, although the previous agreement with SVES was mutually terminated on May 14, 2024.
Operationally, Relativity Acquisition Corp. has seen a reduction in its public shares outstanding, with 63,241 shares remaining as of December 31, 2024, down from 153,295 shares the previous year. The Trust Account, which holds funds from the initial public offering, reported a balance of $769,267 as of December 31, 2024, a decrease from $1,746,543 in 2023. The company has also faced challenges, including a trading halt and subsequent delisting from Nasdaq, which has impacted its market presence and liquidity.
Looking ahead, the company has expressed uncertainty regarding its ability to complete a business combination by the extended deadline. Management has indicated that the liquidity condition and the potential for mandatory liquidation raise substantial doubt about the company's ability to continue as a going concern. The company plans to utilize the funds in the Trust Account for the business combination, but it may need to secure additional financing to meet operational costs and fulfill obligations related to redemptions.
About Relativity Acquisition Corp
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