Cactus Acquisition Corp. 1 Ltd, a company focused on merging with or acquiring businesses in the energy renewables sector, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and key business activities during the period.

Financial Highlights

• Net Loss for the Period: $(359) thousand, reflecting a decrease from the previous period's net loss of $(306) thousand, primarily due to reduced interest income and increased operating expenses.
• Basic and Diluted Earnings Per Class A Ordinary Share Subject to Possible Redemption: $0.58, an increase from $0.30 in the prior period, indicating improved earnings per share for redeemable shares.
• Basic and Diluted Income (Loss) Per Non-Redeemable Class A and Class B Ordinary Share: $(0.26), a decrease from $1.23 in the prior period, reflecting a loss per share for non-redeemable shares.
• Interest Earned on Marketable Securities Held in Trust Account: $283 thousand, a decrease from $840 thousand in the prior period, due to lower interest rates or reduced principal in the trust account.
• Operating Expenses: $(542) thousand, a decrease from $(936) thousand in the prior period, indicating a reduction in operating costs.

Business Highlights

• Business Combination Agreement: On August 29, 2024, Cactus Acquisition Corp. 1 Ltd signed a Business Combination Agreement with Tembo e-LV B.V., a private company in the Netherlands. This agreement is part of the company's strategy to merge with or acquire businesses in the energy renewables sector.
• Geographical Focus Shift: Initially focused on technology-based healthcare businesses in Israel, the company shifted its focus to emerging technology companies globally, particularly in the energy renewables sector, following a change in sponsorship.
• Extension Amendments: The company has extended its mandatory liquidation date multiple times, with the latest extension moving it to November 2, 2026. This extension allows more time to complete a business combination.
• Delisting from Nasdaq: The company was delisted from Nasdaq due to not completing a business combination within the required timeframe. Trading of its securities commenced on the OTC market under the symbol CCTSFF.
• Future Outlook: The company intends to complete an initial business combination before the mandatory liquidation date. However, there is substantial doubt about its ability to continue as a going concern if it fails to secure additional financing or complete a business combination.
• Promissory Notes: The company has issued several promissory notes to fund its operations, including a recent note to Hali International Limited for $150,000, indicating ongoing efforts to secure necessary funding for operational needs.
• Operational Strategy: The company plans to use funds from its trust account, minus amounts paid to redeeming shareholders, to finance its initial business combination and subsequent operations of the target business.

SEC Filing: Cactus Acquisition Corp. 1 Ltd [ CCTSF ] - 10-Q - Nov. 19, 2025