Filament Well being Corp. (OTCQB: FLHLF) (NEO: FH) launched its second-quarter monetary outcomes for the interval ending June 30, 2023, for the second time. The unique first quarter outcomes have been filed on Might 12, 2023, however this model was revised and refiled. Filament stated that there have been modifications within the accounting remedy for the acquisition of the three way partnership included within the authentic condensed interim consolidated monetary statements.
Jupiter SPAC
Along with the refiled earnings, the particular function acquisition firm (“SPAC”) Jupiter Acquisition Company (NASDAQ: JAQC), which is the corporate that Filament might be combining with, filed a registration assertion by 1427702 B.C. Ltd. also referred to as TopCo. That is related to the July 2023 announcement of the proposed Enterprise Mixture.
The registration gives essential details about TopCo’s proposed enterprise and itemizing of securities, Filament’s drug growth program, licensing partnerships, mental property, vertically built-in manufacturing capabilities, and analysis and growth program, in addition to the proposed Enterprise Mixture, and the proposals to be thought of by SPAC’s shareholders.
The Jupiter SPAC due date for a enterprise mixture was prolonged from August 17, 2023, to December 17, 2023. In keeping with the submitting, on April 20, 2023, Jupiter redeemed 14,286,357 shares of Class A typical inventory for a complete redemption quantity of $145 million. As of June 30, 2023, the SPAC had $428,266 in its working checking account and a working capital deficit of $1,309,272 (after including again $123,396 of franchises taxes paid out of the working money account not but reimbursed from the Belief Account), which excludes $354,342 of curiosity earned on the Belief Account that’s obtainable to pay franchise and earnings taxes payable.
As of June 30, 2023, Jupiter had $428,266 in its working checking account and a working capital deficit of $1,309,272.
Filament Well being
In Might, Jupiter first delivered its monetary outcomes for the second quarter with money and money equivalents of roughly $1.2 million as of June 30, 2023 (which excludes the $2.5 million non-public placement accomplished by Filament in July 2023). The corporate reported money of $2.4 million on the finish of the primary quarter. The corporate stated that it believed the refiled earnings to be materials.
“I’m proud to report on one other extremely productive quarter,” stated Benjamin Lightburn, CEO and Co-Founding father of Filament Well being. “The Filament group has achieved plenty of industry-first milestones and continued to develop our revenue-generating provide community. Shortly after the interval ended, we introduced our intention to checklist on the Nasdaq by a enterprise mixture with Jupiter Acquisition Company. This transaction will speed up the development of our botanical psychedelic drug growth platform, and facilitate our mission to see protected, standardized pure psychedelics within the arms of everybody who wants them.”
