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WinVest Acquisition (WINV) - 2023 Q3 - Quarterly Report
WINVWinVest Acquisition (WINV)2023-11-21 02:28

Financial Performance - As of September 30, 2023, the company reported a net loss of 966,681andoperatingexpensesof966,681 and operating expenses of 1,476,911, primarily due to professional services costs[132]. - The company has substantial doubt about its ability to continue as a going concern due to insufficient liquidity and the mandatory liquidation date[149]. Capital Structure - The company raised gross proceeds of 100,000,000fromitsInitialPublicOfferingof10,000,000units,soldatanofferingpriceof100,000,000 from its Initial Public Offering of 10,000,000 units, sold at an offering price of 10.00 per unit[135]. - Holders of 9,606,887 Public Shares redeemed their shares for approximately 98.0millionataredemptionpriceofabout98.0 million at a redemption price of about 10.20 per share[125]. - The company completed a private sale of 10,000,000 warrants at a price of 0.50perwarrant,generatinggrossproceedsof0.50 per warrant, generating gross proceeds of 5,000,000[136]. - As of September 27, 2021, a total of 116,150,000ofnetproceedsfromtheInitialPublicOfferingandwarrantsalesweredepositedintheTrustAccount[139].−AsofSeptember30,2023,thecompanyhadcashheldintheTrustAccountofapproximately116,150,000 of net proceeds from the Initial Public Offering and warrant sales were deposited in the Trust Account[139]. - As of September 30, 2023, the company had cash held in the Trust Account of approximately 14.0 million, intended for the Initial Business Combination[144]. Debt and Liabilities - The company issued an unsecured promissory note of 750,000toitsSponsor,whichwasoutstandingasofSeptember30,2023[124].−ThebalanceontheSecondExtensionNoteasofSeptember30,2023,was750,000 to its Sponsor, which was outstanding as of September 30, 2023[124]. - The balance on the Second Extension Note as of September 30, 2023, was 260,000, with a total drawdown of 1,140,000undertheExtensionNotes[129][127].−ThecompanyissuedanunsecuredpromissorynotetotheSponsorforupto1,140,000 under the Extension Notes[129][127]. - The company issued an unsecured promissory note to the Sponsor for up to 1,000,000, with drawdowns of 192,200madeunderthisnote[145].−AsofSeptember30,2023,thecompanyhadnolong−termdebtorsignificantliabilities,exceptforamonthlyfeeof192,200 made under this note[145]. - As of September 30, 2023, the company had no long-term debt or significant liabilities, except for a monthly fee of 10,000 to the Sponsor for administrative support[151]. - The company incurred total underwriting discounts and commissions of $4,025,000, payable upon the consummation of the Initial Business Combination[152]. - The company does not have any off-balance sheet arrangements or long-term liabilities as of September 30, 2023[153]. Business Operations - The company has not commenced core operations and will not generate operating revenues until after the Initial Business Combination[121]. - The company has not commenced any operations and will not generate operating revenues until after the Initial Business Combination[146]. - The company has incurred ongoing expenses related to being a public company, including legal and financial reporting costs[131]. - The company intends to use its operating cash to identify and evaluate target businesses for the Initial Business Combination[132]. Timeline and Extensions - Following the June 2023 Extension Meeting, the company extended the Termination Date for its Initial Business Combination to December 17, 2023[126]. - The company has until December 17, 2023, to consummate its Initial Business Combination, with plans to seek stockholder approval for an extension[147].