CURRENC Group (CURR) Q2 2024 earnings summary

Executive summary

• Entered into a Business Combination Agreement with Seamless Group Inc.; shareholders approved the transaction on August 6, 2024, with closing anticipated around August 20, 2024.

• Upon closing, the company will change its name to Currenc Group Inc. and move its listing from NYSE to Nasdaq under the symbol "CURR."

• The company remains a shell (SPAC) with no operating revenues, focused on completing the business combination.

Financial highlights

• Net income for the three months ended June 30, 2024, was $174,050, compared to $721,929 for the same period in 2023.

• Net income for the six months ended June 30, 2024, was $764,153, down from $1,720,167 year-over-year.

• Interest income from marketable securities in the Trust Account was $711,125 for the quarter and $1,660,225 for the six months ended June 30, 2024.

• Operating costs for the quarter were $537,075, and $896,072 for the six months ended June 30, 2024.

• As of June 30, 2024, cash and marketable securities held in the Trust Account totaled $55.5 million.

Outlook and guidance

• The business combination with Seamless is expected to close by August 20, 2024, after which the company will operate as Currenc Group Inc.

• If the business combination is not completed by November 23, 2024, the company will liquidate and return funds to shareholders.