Summary by Moomoo AI
On December 19, 2023, MultiSensor AI Holdings, Inc. (MSAI) completed a business combination with Infrared Cameras Holdings Inc. (Legacy ICI) and SportsMap Tech Acquisition Corp. (Legacy SMAP), resulting in MSAI being the surviving entity. The merger was treated as a reverse recapitalization for accounting purposes, with Legacy ICI as the accounting acquirer. MSAI issued convertible promissory notes totaling $6.8 million and warrants to purchase additional shares as part of the transaction. The company's financial statements for the year ended December 31, 2023, reflect a net loss and negative cash flows, raising substantial doubt about its ability to continue as a going concern. MSAI's board has approved various measures, including the issuance of shares and warrants, to address liquidity concerns. The company operates in the industrial applications sector, providing multi-sensor systems and services.