***Official Political Discussion Thread***

I saw that they have only a little over 2 million in cash available so I don’t know.

I just spent another 20 minutes with the 8k which contains, as appendices, audited statements for both the SPAC and the target for 2023 (and 2022)

The $2mm cash position is for the target. The $300mm was held by the SPAC in a trust account as of 12/31/23. My understanding is that SPACs must hold a majority of the paid in capital raised during the IPO in trust in case they fail to find a target or execute the merger. This is so shareholders have some assurance that they’d get their redemption amount.

I suspect that the “ongoing concern” language is related to the target as it was on 12/31/23. Now that the merger has gone through *I believe* any cash backing unredeemed shares will flow into the merged parent and can move out of trust into the parent’s general accounts.

The way this merger was executed, the target lives on as a wholly owned subsidiary. You’d expect the parent to be able to finance the child’s losses either through inter company loans or capital injections.

TLDR: this coverage in popular media doesn’t seem to be analyzing things correctly as long as my assumption that unredeemed cash in the SPAC no longer needs to be held in trust and can be accessed at will by the parent.

I really want to read the 8k more thoroughly out of morbid curiosity. Hopefully I’ll find the time.


Rebel flag backing the blue? Make it make sense.
They wanted to be their own country and now they are swinging off the d of this country’s law enforcement. It’s weird.
They've always been hypocrites. States Rights absolutists pre Civil-War, except the part where they could cross other states borders and drag their "property" (human beings) back across the line.

Don't ever give them the benefit of the doubt that their arguments come from a genuine place
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