Investcorp AI Acquisition Corp(IVCAU) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $3,532,578, which includes interest earned from marketable securities of$3,221,233 and a change in fair value of warrants of $831,938 [102]. - For the six months ended June 30, 2023, the company had a net income of$5,545,277, with operating costs of $845,718 and interest income of$6,111,095 [103]. - The company incurred cash used in operating activities of $524,397 for the six months ended June 30, 2023, compared to$1,475,593 for the same period in 2022 [106]. Cash and Investments - As of June 30, 2023, the company had cash held in the Trust Account amounting to $276,389,817, which is intended to be used for completing a Business Combination [107]. - As of June 30, 2023, the company had$111,168 in cash held outside the Trust Account, which will be used for identifying and evaluating target businesses [108]. - The company generated gross proceeds of $225,000,000 from its Initial Public Offering of 22,500,000 Class A Public Shares at$10.00 per share, with an additional $33,750,000 from the underwriter's over-allotment option [105]. Business Combination - The company has until August 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation [110]. - The company intends to use substantially all funds held in the Trust Account for its Business Combination and subsequent operations [107]. - The company may receive Working Capital Loans up to$3,000,000 to finance transaction costs related to a Business Combination [109]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023 [111]. - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide additional disclosures regarding market risk [126].