SPAC Swings to $414.7K Loss, Cash Dwindles to $5.6K as Deal Hunt Drags On
GDST sits 30% above its 52-week low of $9.63.
Summary
Chi Special Acquisition Corp. reported a net loss of $414.7K for fiscal 2026, reversing a $109.4K profit last year, with no revenue as the blank-check company remains inactive. The 10-K confirms just $5,618 in cash and a going concern warning, following two failed merger attempts with Roxe and Infintium. Shareholders have approved charter extensions through December 2026, but heavy redemptions have shrunk the public float, making a viable deal harder to close. The company is burning through its remaining trust deposits with no target in sight.
At the time of this announcement, GDST was trading at $12.50 on OTC in the Finance sector, with a market capitalization of approximately $28.6M. The 52-week trading range was $9.63 to $12.50. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.