Marblegate Acquisition Corp. (GATE) Bundle
A Brief History of Marblegate Acquisition Corp.
Initial Public Offering
Initial Public Offering
Marblegate Acquisition Corp. completed its Initial Public Offering (IPO) on October 5, 2021, issuing 30,000,000 units and generating gross proceeds of $300,000,000. Additionally, the company sold 910,000 private placement units for $9,100,000, resulting in a total of $301,500,000 placed in the Trust Account after incurring offering costs totaling $42,630,587.
Financial Performance Overview
For the nine months ending September 30, 2024, Marblegate reported a net loss of $1,712,708 with cash utilized in operating activities amounting to $914,690. This was an improvement compared to the same period in 2023, where the net loss was $4,399,048 and cash used in operations was $2,284,473.
| Period | Net Loss | Cash Used in Operating Activities |
|---|---|---|
| 9 Months Ended September 30, 2024 | $1,712,708 | $914,690 |
| 9 Months Ended September 30, 2023 | $4,399,048 | $2,284,473 |
Cash Holdings and Trust Account
As of September 30, 2024, Marblegate had $4,028,377 in the Trust Account, which includes $321,143 of interest income. The company also held $96,701 in cash outside the Trust Account, primarily earmarked for completing a Business Combination.
Warrant Liabilities
Marblegate's warrant liabilities were valued at $15,607 as of September 30, 2024, reflecting a change in fair value from $7,508 at the end of 2023. The fair value measurements of these liabilities are categorized as Level 3 inputs under the fair value hierarchy due to their reliance on unobservable inputs.
| Date | Warrant Liability Value |
|---|---|
| December 31, 2023 | $7,508 |
| September 30, 2024 | $15,607 |
Stock Performance
As of November 8, 2024, Marblegate had 5,278,879 shares of Class A common stock and 6,303,333 shares of Class B common stock outstanding. The basic and diluted net loss per share for the nine months ended September 30, 2024, was $(0.14).
| Period | Basic and Diluted Net Loss per Share |
|---|---|
| 9 Months Ended September 30, 2024 | $(0.14) |
| 9 Months Ended September 30, 2023 | $(0.36) |
Promissory Notes and Working Capital Loans
As of September 30, 2024, Marblegate had outstanding balances on various promissory notes totaling $3,070,000, which included the 2022 Promissory Note for $600,000, the February 2023 Note for $1,100,000, and the July 2023 Note for $500,000.
| Note Type | Outstanding Balance |
|---|---|
| 2022 Promissory Note | $600,000 |
| February 2023 Note | $1,100,000 |
| July 2023 Note | $500,000 |
| Other Notes | $1,870,000 |
A Who Owns Marblegate Acquisition Corp. (GATE)
Ownership Structure
As of November 8, 2024, the ownership structure of Marblegate Acquisition Corp. consists of the following classes of stock:
| Class of Stock | Shares Issued and Outstanding | Par Value |
|---|---|---|
| Class A Common Stock | 5,278,879 | $0.0001 |
| Class B Common Stock | 6,303,333 | $0.0001 |
Stockholder Details
The following table outlines the stockholder details as of September 30, 2024:
| Stockholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Class A Common Stockholders | 5,278,879 | 45.7% |
| Class B Common Stockholders | 6,303,333 | 54.3% |
Financial Data
The financial performance of Marblegate Acquisition Corp. is reflected in the following key metrics for the nine months ended September 30, 2024:
| Financial Metric | Value |
|---|---|
| Net Loss | $1,712,708 |
| Operating Costs | $1,859,846 |
| Total Assets | $4,151,701 |
| Total Liabilities | $23,524,742 |
| Accumulated Deficit | $(23,384,370) |
Capital Structure and Debt
As of September 30, 2024, the company has the following capital structure and debt obligations:
| Debt Type | Outstanding Amount |
|---|---|
| Promissory Notes - Related Party | $3,070,000 |
| Deferred Legal Fees | $4,903,409 |
| Warrant Liability | $15,607 | Deferred Underwriting Fee Payable | $15,000,000 |
Recent Developments
Marblegate Acquisition Corp. is currently evaluating potential Business Combinations, with a target date for completion set by April 5, 2025. The company is under pressure to secure additional capital and finalize a transaction to avoid liquidation.
Marblegate Acquisition Corp. (GATE) Mission Statement
Overview of Mission Statement
Marblegate Acquisition Corp. aims to leverage its expertise in identifying and acquiring promising businesses, utilizing a strategic approach to create value for its shareholders.
Business Combination Strategy
The company focuses on completing a Business Combination with one or more businesses, which will allow it to operate in various sectors without being limited to a specific industry. The goal is to achieve a significant market presence and enhance shareholder value.
Financial Position as of September 30, 2024
| Item | Amount |
|---|---|
| Cash Held in Trust Account | $4,028,377 |
| Cash Outside Trust Account | $96,701 |
| Total Assets | $4,151,701 |
| Accumulated Deficit | $(23,384,370) |
| Net Loss (Three Months) | $(565,795) |
| Net Loss (Nine Months) | $(1,712,708) |
Capital Structure
As of September 30, 2024, Marblegate Acquisition Corp. has the following capital structure:
| Type of Stock | Shares Issued | Par Value |
|---|---|---|
| Class A Common Stock | 4,910,000 | $0.0001 |
| Class B Common Stock | 6,303,333 | $0.0001 |
Recent Financial Performance
In the third quarter of 2024, Marblegate Acquisition Corp. reported operating costs of $604,684, leading to a loss from operations of $(604,684). The total other income was $70,990, resulting in a net loss of $(565,795) for the quarter.
Promissory Notes and Working Capital
As of September 30, 2024, the company has outstanding promissory notes totaling:
| Note Type | Outstanding Amount |
|---|---|
| 2022 Promissory Note | $600,000 |
| 2023 Promissory Note | $1,100,000 |
| July 2023 Note | $500,000 |
| December 2023 Note | $450,000 |
| April 2024 Note | $240,000 |
| July 2024 Note | $255,000 |
| October 2024 Note | $250,000 |
Market Position and Future Outlook
Marblegate Acquisition Corp. continues to evaluate potential acquisition targets to facilitate its Business Combination strategy, with a focus on enhancing shareholder value and operational scalability.
How Marblegate Acquisition Corp. (GATE) Works
Overview of Operations
Marblegate Acquisition Corp. (GATE) is a special purpose acquisition company (SPAC) that focuses on acquiring and merging with businesses in various sectors. As of September 30, 2024, the company had not yet completed a business combination but was actively pursuing opportunities.
Financial Performance
For the nine months ended September 30, 2024, Marblegate reported a net loss of $1,712,708, primarily due to operating costs of $1,859,846 and a provision for income tax of $62,635. This was offset by interest income on investments held in the Trust Account amounting to $217,873 and a change in the fair value of warrant liabilities of $8,100.
In comparison, for the nine months ended September 30, 2023, the net loss was significantly higher at $4,399,048, with operating and formation costs totaling $4,655,422. The provision for income taxes was $60,141, while interest income was reported at $331,985.
| Financial Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Net Loss | $1,712,708 | $4,399,048 |
| Operating Costs | $1,859,846 | $4,655,422 |
| Provision for Income Tax | $62,635 | $60,141 |
| Interest Income | $217,873 | $331,985 |
| Change in Fair Value of Warrant Liabilities | $8,100 | $15,470 |
Cash Flow Analysis
For the nine months ended September 30, 2024, cash used in operating activities was $914,690. The net loss was influenced by interest earned on investments held in the Trust Account and changes in operating assets and liabilities, which provided $1,007,791 of cash from operating activities. In contrast, for the same period in 2023, cash used in operating activities was $2,284,473.
| Cash Flow Component | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Cash Used in Operating Activities | $914,690 | $2,284,473 |
| Net Loss | $1,712,708 | $4,399,048 |
| Interest Earned | $217,873 | $331,985 |
| Cash from Operating Activities (Change in Assets/Liabilities) | $1,007,791 | $2,431,090 |
Trust Account and Capital Structure
As of September 30, 2024, Marblegate held $4,028,377 in its Trust Account, which includes $321,143 of interest income. The funds in the Trust Account are primarily intended for completing a Business Combination.
The capital structure includes:
- Class A common stock: 4,910,000 shares issued and outstanding.
- Class B common stock: 6,303,333 shares issued and outstanding.
- Cash held outside of the Trust Account: $96,701.
| Capital Structure Component | Amount |
|---|---|
| Class A Common Stock Issued | 4,910,000 shares |
| Class B Common Stock Issued | 6,303,333 shares |
| Cash Held in Trust Account | $4,028,377 |
| Cash Held Outside Trust Account | $96,701 |
Warrant Liabilities
The fair value of the warrant liabilities as of September 30, 2024, was reported at $15,607, reflecting changes in fair value from the previous periods.
| Warrant Liability Details | Value |
|---|---|
| Fair Value as of September 30, 2024 | $15,607 |
| Fair Value as of December 31, 2023 | $7,508 |
How Marblegate Acquisition Corp. (GATE) Makes Money
Overview of Revenue Sources
Marblegate Acquisition Corp. (GATE) primarily operates as a special purpose acquisition company (SPAC). As of 2024, the company has not generated any operating revenues due to its focus on identifying a target company for a business combination. The company generates non-operating income primarily through interest earned on cash and marketable securities held in its Trust Account.
Financial Performance
For the nine months ended September 30, 2024, Marblegate reported a net loss of $1,712,708. This loss included operating costs of $1,859,846 and a provision for income taxes of $62,635, offset by interest income of $217,873 from the Trust Account.
Cash Position
As of September 30, 2024, Marblegate had cash held in a Trust Account amounting to $4,028,377, including $321,143 of interest income. The total cash position was $4,151,701, reflecting a current cash balance of $96,701 outside the Trust Account .
Operating Costs and Losses
Marblegate's operating costs for the nine months ended September 30, 2024, were $1,859,846, compared to $4,655,422 for the same period in 2023. The decrease in operating costs reflects the company's efforts to manage expenses while preparing for a business combination.
Interest Income from Trust Account
Interest income from the Trust Account for the nine months ended September 30, 2024, was $217,873. This income is crucial as it provides some liquidity for the company to cover operational expenses and tax obligations.
Warrant Liabilities
Marblegate has also reported changes in the fair value of warrant liabilities. For the nine months ended September 30, 2024, there was a change in fair value of warrant liabilities amounting to $8,100.
Balance Sheet Overview
| Item | Amount as of September 30, 2024 | Amount as of December 31, 2023 |
|---|---|---|
| Cash | $96,701 | $123,870 |
| Cash in Trust Account | $4,028,377 | $6,781,024 |
| Total Assets | $4,151,701 | $6,940,490 |
| Accumulated Deficit | $(23,384,370) | $(21,484,380) |
Future Outlook
Marblegate intends to utilize funds in the Trust Account primarily for completing its Business Combination, which is expected to occur in the first quarter of 2025. The company is actively seeking a target for this acquisition .
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Resources:
- Marblegate Acquisition Corp. (GATE) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Marblegate Acquisition Corp. (GATE)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Marblegate Acquisition Corp. (GATE)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.