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WinVest Acquisition (WINV) - 2023 Q2 - Quarterly Report
WINVWinVest Acquisition (WINV)2023-08-21 21:30

Financial Performance - As of June 30, 2023, the company reported a net loss of 863,043andoperatingexpensesof863,043 and operating expenses of 1,219,426, primarily due to professional services costs [135]. - The company had 1,674initsoperatingbankaccountandaworkingcapitaldeficitof1,674 in its operating bank account and a working capital deficit of 1,815,271 as of June 30, 2023 [136]. - The company generated non-operating income from interest on funds held in the Trust Account, with no significant changes in financial position since the last audited statements [134]. - As of June 30, 2023, the company had marketable securities in the Trust Account valued at approximately 13.7million[147].−Thecompanyhassubstantialdoubtaboutitsabilitytocontinueasagoingconcernduetoinsufficientliquidityandthemandatoryliquidationdatewithinoneyear[149].CapitalStructure−ThecompanycompleteditsInitialPublicOfferingonSeptember17,2021,raisinggrossproceedsof13.7 million [147]. - The company has substantial doubt about its ability to continue as a going concern due to insufficient liquidity and the mandatory liquidation date within one year [149]. Capital Structure - The company completed its Initial Public Offering on September 17, 2021, raising gross proceeds of 100,000,000 from the sale of 10,000,000 units [138]. - Total net proceeds from the Initial Public Offering and overallotment amounted to 112,076,031afterdeducting112,076,031 after deducting 2,400,000 in underwriting discounts and expenses [141]. - The company generated gross proceeds of 15,000,000fromthesaleof1,500,000Over−AllotmentUnitsonSeptember27,2021[140].−Holdersof9,606,887sharesredeemedtheirsharesforapproximately15,000,000 from the sale of 1,500,000 Over-Allotment Units on September 27, 2021 [140]. - Holders of 9,606,887 shares redeemed their shares for approximately 98.0 million at a redemption price of about 10.20pershare[128].−Holdersof9,606,887PublicSharesredeemedtheirsharesforapproximately10.20 per share [128]. - Holders of 9,606,887 Public Shares redeemed their shares for approximately 98.0 million at a redemption price of 10.20pershare[144].DebtandObligations−ThecompanyissuedanunsecuredpromissorynotetoitsSponsorforupto10.20 per share [144]. Debt and Obligations - The company issued an unsecured promissory note to its Sponsor for up to 300,000, with 123,000outstandingasofJune30,2023[137].−Thecompanydoesnothaveanylong−termdebtorcapitalleaseobligationsasofJune30,2023,otherthanamonthlyfeeof123,000 outstanding as of June 30, 2023 [137]. - The company does not have any long-term debt or capital lease obligations as of June 30, 2023, other than a monthly fee of 10,000 to the Sponsor [151]. - Deferred underwriting discounts and commissions of 4,025,000willbepayabletounderwritersupontheconsummationoftheinitialbusinesscombination[152].BusinessCombinationandExtensions−FollowingtheJune2023ExtensionMeeting,thecompanyextendedtheTerminationDatetoDecember17,2023,allowingforadditionalmonthlyextensions[129].−Thecompanyhasdrawndown4,025,000 will be payable to underwriters upon the consummation of the initial business combination [152]. Business Combination and Extensions - Following the June 2023 Extension Meeting, the company extended the Termination Date to December 17, 2023, allowing for additional monthly extensions [129]. - The company has drawn down 945,000 under Extension Notes to extend the Termination Date from December 17, 2022, to September 17, 2023 [132]. - The company has until December 17, 2023, to consummate its business combination, which is 27 months from the closing of the Initial Public Offering [148]. - The company intends to use operating cash to identify and evaluate target businesses for its Initial Business Combination [135]. Shareholder Information - The company has 1,265,429 Public Shares outstanding as of June 30, 2023, after redemptions [131]. - As of September 27, 2021, the company had $116,150,000 deposited in the Trust Account for public stockholders [142]. - As of June 30, 2023, the company had no off-balance sheet arrangements or transactions with unconsolidated entities [153].