Invest Acquisition swings to FY24 net income of $36.97 million from net loss
IVCB•Invest Acquisition reported FY24 net income of $36.97 million, versus a $4.8 million loss a year earlier, including a $30 million gain from a business combination termination.
1. FY24 results
Interest income on trust investments fell 57.77% to $4.7 million from $11.14 million, while formation and operating expenses edged down 1.75% to $9.52 million. Cash outside the trust account totaled $242,474, and management flagged substantial doubt about the company’s ability to continue as a going concern over the next year. The company has until Dec. 17, 2029, to complete a business combination or enter automatic liquidation.
