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Investcorp Acquisition (IVCA) - 2024 Q3 - Quarterly Report
IVCAInvestcorp Acquisition (IVCA)2024-11-19 21:15

Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of 229,238,withoperatingcostsof229,238, with operating costs of 614,608 and interest income of 965,870frommarketablesecurities[126].−FortheninemonthsendedSeptember30,2024,thecompanyhadanetincomeof965,870 from marketable securities [126]. - For the nine months ended September 30, 2024, the company had a net income of 1,786,538, with operating costs of 1,127,875andinterestincomeof1,127,875 and interest income of 3,785,163 [127]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company [125]. Cash and Working Capital - As of September 30, 2024, the company had cash of 73,202andaworkingcapitaldeficitof73,202 and a working capital deficit of 3,122,377 [128]. - As of September 30, 2024, the company held 17,169,326incashwithintheTrustAccount,intendedforuseincompletingaBusinessCombination[133].−Thecompanyenteredintoanon−interestbearingconvertibleunsecuredloanofupto17,169,326 in cash within the Trust Account, intended for use in completing a Business Combination [133]. - The company entered into a non-interest bearing convertible unsecured loan of up to 3,000,000 from the Sponsor to provide additional working capital [141]. - The Sponsor agreed to loan the Company up to 1,200,000underanon−interestbearingconvertiblepromissorynote,withanoutstandingprincipalbalanceof1,200,000 under a non-interest bearing convertible promissory note, with an outstanding principal balance of 1,300,000 as of September 30, 2024 [143]. Business Combination and IPO - The company completed its Initial Public Offering on May 12, 2022, raising gross proceeds of 225millionfromtheissuanceof22,500,000ClassAPublicSharesat225 million from the issuance of 22,500,000 Class A Public Shares at 10.00 per share [130]. - The company announced a business combination agreement with Bigtincan Holdings Limited on October 20, 2024 [119]. - The company has until May 12, 2025, to consummate a Business Combination, or it will face mandatory liquidation [136]. Shareholder Activity - At the Extraordinary General Meeting on August 11, 2023, shareholders redeemed 16,085,554 Class A ordinary shares at approximately 10.74pershare,totaling10.74 per share, totaling 172,774,717 in redemption payments [148]. - Following the redemption on August 11, 2023, the Company had 9,789,446 Class A ordinary shares outstanding [148]. - On August 12, 2024, shareholders redeemed 8,314,066 Class A ordinary shares at approximately 11.40pershare,amountingtoapproximately11.40 per share, amounting to approximately 95,447,584 in total [149]. - After the redemption on August 12, 2024, the Company had 1,475,380 Class A ordinary shares outstanding [149]. Accounting and Reporting - The Company has identified critical accounting estimates that affect reported amounts of assets, liabilities, revenues, and expenses, which may differ from actual results [146]. - The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its financial statements [154]. - The Company expects the adoption of ASU 2023-09 to result in disclosure changes only, effective for fiscal 2025 [155]. - The Company is evaluating the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO [159]. Corporate Changes - The company approved a name change from Investcorp India Acquisition Corp to Investcorp AI Acquisition Corp on October 15, 2024 [118]. - The Company granted underwriters a 45-day option to purchase up to 3,375,000 additional units, which was fully exercised at the IPO [145].