Announcement • Dec 13
The Staff of NYSE Regulation Determines to Commence Proceedings to Delist Black Mountain Acquisition’s Class A Common Stock On December 7, 2023, Black Mountain Acquisition Corp. (the ‘Company’) received a written notice (the ‘Notice’) from the staff of NYSE Regulation (the ‘Staff’) of the New York Stock Exchange (‘NYSE’) indicating that the Staff has determined to commence proceedings to delist the Company’s Class A common stock, par value $0.0001 per share (‘Class A Common Stock’), units, each consisting of one share of Class A Common Stock and three-quarters of one warrant, each exercisable for one share of Class A Common Stock (the ‘Warrants’), and Warrants, from the NYSE. The Notice indicated that the Staff reached its decision to delist the Company’s securities pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring a listed acquisition company to maintain an average aggregate global market capitalization attributable to its publicly-held shares over a consecutive 30 trading day period of at least $40,000,000. The NYSE will apply to the Securities and Exchange Commission to delist the Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the Staff’s decision. The Company does not intend to appeal the Staff’s determination and, accordingly, the Company expects that its securities will be delisted. Trading in the Company’s securities on the NYSE has been suspended as of the date of the Notice. Announcement • Oct 15
Black Mountain Acquisition Corp. announced that it has received $0.16 million in funding Black Mountain Acquisition Corp. announced that a private placement of a unsecured promissory note in the principal amount of $160,000 on October 13, 2023. The transaction will include participation from returning lender, Black Mountain Sponsor LLC. The note bears no interest and is due and payable upon the earlier to occur of the date on which the company consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses or entities and the liquidation of the company on or before November 19, 2023 unless such date is extended pursuant to the company’s second amended. The issuance of the note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933 as amended. New Risk • Aug 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Negative equity (-US$13m). Revenue is less than US$1m. Minor Risk Less than 3 years of financial data is available. 
