Bellevue Life Sciences Acquisition (BLAC) - 2024 Q1 - Quarterly Report

Financial Instruments - The Company issued an unsecured promissory note of $200,000 to the Sponsor on June 23, 2023, with a maturity date of December 31, 2024, and an outstanding balance of$0 as of March 31, 2024[179]. - An additional unsecured promissory note of $60,000 was issued to Josh Pan on March 8, 2024, with the same maturity conditions, and an outstanding balance of$60,000 as of March 31, 2024[180]. - There are 7,330,000 Warrants outstanding as of March 31, 2024, which may be exercised at a price of $11.50 per share[194]. Financial Performance - The Company incurred administrative support fees of$22,500 for the three months ended March 31, 2024, compared to $7,500 for the same period in 2023, reflecting a 200$1,200,000, equal to 2% of the gross proceeds of the Initial Public Offering[185]. - The Company is subject to a 1% Excise Tax on redemptions by U.S.-domiciled SPACs after December 31, 2022, which has been included in the financial statements[186]. Investments and Capital Structure - The Company has $37,205,930 in investments held in the Trust Account as of March 31, 2024[200]. - The Company is authorized to issue 100,000,000 shares of Common Stock at a par value of$0.0001, with no preferred stock issued or outstanding as of March 31, 2024[192][191]. Legal and Regulatory Matters - The Company has no material legal proceedings currently or threatened against it or its officers and directors[208]. Business Strategy - The Company intends to effectuate its initial business combination using cash from the proceeds of its IPO and other financing methods[205].