Alpha Modus Holdings (AMOD) Q1 2024 earnings summary

Executive summary

• Blank check company focused on completing a business combination; no operating revenues to date, only interest income from trust account investments.

• Entered into a business combination agreement with Alpha Modus, Corp. in October 2023; registration statement filed in December 2023.

• Extended deadline for business combination to December 7, 2024, with monthly trust account deposits required for each extension.

• Significant management changes in April 2024, including removal of CEO/CFO and appointment of new executives following internal control issues.

Financial highlights

• Net loss of approximately $634,000 for Q1 2024, compared to net income of $935,000 in Q1 2023.

• Total assets as of March 31, 2024: $12.5 million, with $11.3 million in the trust account.

• Working capital deficit of $4.7 million as of March 31, 2024.

• 1,000,945 shares of Class A common stock subject to possible redemption at $10.98 per share.

Outlook and guidance

• Substantial doubt about ability to continue as a going concern if a business combination is not completed by December 7, 2024.

• Management intends to complete a business combination by the extended deadline; otherwise, mandatory liquidation and dissolution will occur.