Bellevue Life Sciences Acquisition (BLAC) - 2023 Q3 - Quarterly Report

Financial Overview - The Company raised a total of $70,207,500 from its Initial Public Offering and related transactions, which is held in a Trust Account invested in U.S. government securities[54]. - For the nine months ended September 30, 2023, the company reported a net income of$489,952, compared to a net loss of $21,136 for the same period in 2022[86]. - For the three months ended September 30, 2023, the company had a net income of$78,183, which is an improvement from a net loss of $20,022 in the same quarter of 2022[96]. - The company generated non-operating income of$1,846,529 from investments held in the Trust Account for the nine months ended September 30, 2023[86]. - As of September 30, 2023, the company had $57,955 in its operating bank account and a working capital deficit of$1,022,711[73]. - The company intends to use substantially all funds held in the trust account, estimated at $70,207,500, to complete its initial business combination[99]. Business Combination and Redemption - Public Stockholders can redeem their shares for a pro rata portion of the Trust Account, initially estimated at$10.175 per share, plus any accrued interest[55]. - The Company must have net tangible assets of at least $5,000,001 to proceed with a Business Combination, and a majority of shares must vote in favor[55]. - If a Business Combination is not completed by November 14, 2023, the Company will liquidate and redeem 100$200,000 as a Delaware corporation[100]. Stock and Equity - As of September 30, 2023, the company has 6,900,000 shares of common stock subject to possible redemption, valued at $10.35 per share[148]. - The company sold 6,900,000 Units at a price of$10.00 per Unit during the Initial Public Offering, each consisting of one share of common stock and one redeemable warrant[143]. - As of November 6, 2023, there were 9,055,000 shares of common stock issued and outstanding[144]. - The company accounts for its common stock subject to possible redemption as temporary equity, with 6,900,000 shares presented at redemption value as of September 30, 2023[135]. - The company’s net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period[133]. Compliance and Policies - The Company adopted an insider trading policy to prevent insiders from trading during blackout periods and requires pre-clearance for trades[56]. - The company complies with ASC 340-10-S99-1 regarding offering costs, which are recorded as a reduction in equity[141]. - The estimated fair values of investments held in the Trust Account are determined using available market information[110]. - The company has not recognized any unrecognized tax benefits as of September 30, 2023, and December 31, 2022[140]. - The company has not incurred any Working Capital Loans as of December 31, 2022[117]. - The company’s promissory note was deemed repaid and settled upon the closing of the Initial Public Offering, and is no longer available as of September 30, 2023[116].