Financial Performance - As of June 30, 2022, the company had a net income of $1,189,699, consisting of operating costs of $523,547, interest earned of $261,996, and a change in fair value of warrants of $1,451,250[116] - For the six months ended June 30, 2022, cash used in operating activities was $1,475,593, with a net income of $1,189,699 impacted by a gain on the change in fair value of the warrant liability[119] - As of June 30, 2022, the company had not engaged in any operations or generated any revenues to date[115] Initial Public Offering - The company generated gross proceeds of $225,000,000 from the 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[118] - The net proceeds from the Initial Public Offering will be invested in U.S. government securities with a maturity of 185 days or less or in compliant money market funds[137] Trust Account and Cash Management - Cash held in the Trust Account as of June 30, 2022, was $266,774,496, with interest income of $261,996 earned from this account[120] - The company had cash of $1,229,516 held outside the Trust Account as of June 30, 2022, intended for identifying and evaluating target businesses[122] - The company intends to use substantially all funds held in the Trust Account and proceeds from forward purchase shares to complete its Business Combination[121] Business Combination and Liquidation - The company must consummate an initial Business Combination within 24 months from the closing of the Initial Public Offering, or face mandatory liquidation[124] Public Company Expenses - The company incurred expenses related to being a public company, including legal, financial reporting, accounting, and auditing compliance costs[115] Accounting and Risk Management - The company has identified critical accounting estimates related to fair value assessments and accrued expenses in its financial statements[130] - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[136] - The company believes there will be no material exposure to interest rate risk due to the short-term nature of its investments[137] - The company has not engaged in any hedging activities since inception and does not plan to do so in the future[138]
Investcorp Acquisition (IVCA) - 2022 Q2 - Quarterly Report