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Patria Latin American Opportunity Acquisition Corp. (PLAOU) filed its Form 10-Q for the quarter ended 31 March 2025. The Special Purpose Acquisition Company (SPAC) remains a shell company, classified as a non-accelerated, smaller-reporting, emerging-growth filer.
Nasdaq delisting. On 10 March 2025 Nasdaq notified PLAOU of non-compliance with listing rules; suspension and delisting of the Company’s shares, warrants and units became effective 17 March 2025. A Form 25-NSE covering units and warrants was filed 11 April 2025.
Balance sheet. Total assets were $54.85 million, little changed from $54.14 million at 31 December 2024. Cash increased to $44 thousand from $2 thousand, while marketable securities held in the trust account rose to $54.74 million. Current liabilities jumped 19% to $30.76 million, driven primarily by a $4.60 million increase in warrant liabilities to $20.98 million and higher related-party debt (promissory note up to $1.33 million). Shareholders’ deficit deepened to $(30.65) million from $(25.67) million.
Results of operations. For the three months ended 31 March 2025, the Company recorded a net loss of $(4.32) million versus net income of $1.42 million in the prior-year period. Key drivers were:
- General & administrative expense of $253 thousand, roughly flat year-over-year.
- Unfavorable change in fair value of warrant liabilities of $(4.60) million versus $(0.78) million last year.
- Realized trust investment gains fell to $0.55 million from $2.44 million.
- $14.9 thousand of related-party promissory note interest expense (none a year ago).
Capital structure & redemptions. Only 4.54 million Class A shares remain outstanding (all subject to redemption) compared with 16.88 million average shares last year, reflecting significant redemptions. Trust value per redeemable share increased to $12.05 from $11.90.
Liquidity & going-forward considerations. With $44 thousand of unrestricted cash, continued operating cash needs rely on related-party financing. Rising warrant liabilities plus the Nasdaq delisting heighten execution and liquidity risk as the SPAC searches for a business combination.
