Bowen Acquisition Corp(BOWNU) - 2023 Q3 - Quarterly Report

Financial Position - Total assets as of September 30, 2023, amount to $71,072,719, with cash held in the Trust Account at$70,450,871[7] - Total current assets are $621,848, while total current liabilities are$90,278, resulting in a strong asset-liability ratio[7] - As of September 30, 2023, shareholders' equity stands at $531,570, with retained earnings of$531,343[7] - Cash at the end of the period is reported at $501,128, with a net change in cash of$501,128[10] - As of September 30, 2023, the Company had cash of $501,128 and working capital of$531,570[19] - The estimated fair value of investments held in the Trust Account was $70,450,871 as of September 30, 2023[26] - As of September 30, 2023, the ordinary shares subject to possible redemption amounted to$70,450,871, reflecting an increase due to accretion of carrying value[38] - The fair value of the investment held in the Trust Account as of September 30, 2023, is $70,450,871, classified as Level 1 in the fair value hierarchy[63] Income and Expenses - For the three months ended September 30, 2023, the net income is reported at$573,444, with a basic and diluted net income per share of $0.46[8] - The company incurred formation and operating costs of$187,428 for the three months ended September 30, 2023, leading to a loss from operations of $(187,428)[8] - The company has generated non-operating income of$760,871 from interest earned on marketable securities held in the Trust Account[8] - For the three months ended September 30, 2023, the net loss was $7,708,018, including an accretion of temporary equity into redemption value of$7,520,591[32] - The net income for the period from February 17, 2023, through September 30, 2023, was $570,338[32] - The Company incurred transaction costs of$3,243,898 related to the IPO, including $1,725,000 in cash underwriting fees[17] - The Company has incurred an administration fee of$26,667 for the three months ended September 30, 2023[53] IPO and Fundraising - The company has issued 6,000,000 public units at an offering price of $10.00 per unit, generating gross proceeds of$60,000,000[14] - The Company completed its initial public offering on July 14, 2023, selling 6,000,000 Units at a price of $10.00 per Unit, generating gross proceeds of$60,000,000[40] - On July 18, 2023, the Company sold an additional 900,000 units at $10.00 per unit, resulting in gross proceeds of$9,000,000[16] - The underwriters fully exercised their over-allotment option on July 17, 2023, resulting in an additional sale of 900,000 Units and generating gross proceeds of $9,000,000[50] - The Company completed a private placement of 330,000 units at$10.00 per unit, generating total proceeds of $3,300,000[15] - As of July 18, 2023, a total of$69,690,000 was deposited in the trust account, which will be used to complete the initial business combination[94] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[13] - The company has not engaged in any operations or generated revenues to date, and does not expect to do so until after the completion of its initial business combination[67] - The company has approximately $700,000 of proceeds held outside the trust account available for identifying and evaluating target businesses[72] - The company plans to use substantially all funds in the trust account for the initial business combination and any remaining proceeds for working capital[71] - The company expects to incur approximately$200,000 for legal, accounting, and due diligence expenses related to structuring and negotiating business combinations[73] Compliance and Governance - The Company is classified as an "emerging growth company" and may take advantage of certain exemptions from reporting requirements[21] - The Company has identified a material weakness in internal controls related to financial reporting, specifically concerning the accretion adjustment[86] - The report includes certifications from the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act of 2002[31.1][31.2] - The report was signed by the Chief Executive Officer and Chief Financial Officer on November 9, 2023[98] Miscellaneous - The Company has committed to pay EBC a service fee of $2,415,000 upon the consummation of its initial Business Combination, which is 3.5$151,318 on behalf of the Company for IPO-related expenses, which was fully repaid upon closing of the IPO[51] - The Company has engaged TenX Global Capital for accounting services, incurring a service fee of $20,000 from inception through September 30, 2023[52] - The company does not anticipate any material effects from recently issued accounting standards on its financial statements[39] - The Inline XBRL Instance Document is included, which contains embedded XBRL tags[101.INS]