Investcorp Acquisition (IVCA) - 2022 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $2,382,466, consisting of operating costs of$273,246, interest earned of $1,204,462, and a change in fair value of the warrant liability of$1,451,250[116]. - For the nine months ended September 30, 2022, the company achieved a net income of $3,572,165, with operating costs of$796,793, interest income of $1,466,458, and a change in fair value of warrants amounting to$2,902,500[117]. Cash and Working Capital - As of September 30, 2022, the company had $857,864 in its operating bank account and a working capital of$1,271,698[118]. - As of September 30, 2022, the company held cash of $267,978,958 in the Trust Account, with interest income of$1,466,458 earned from this account[120]. Initial Public Offering - The company completed its Initial Public Offering on May 12, 2022, raising gross proceeds of $225,000,000 from the sale 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]. Business Combination - The company intends to use substantially all funds in the Trust Account and proceeds from forward purchase shares to complete its Business Combination[121]. - The company must consummate an initial Business Combination within 24 months from the closing of the Initial Public Offering, or face mandatory liquidation[124]. - The company has the option to convert up to$3,000,000 of Working Capital Loans into warrants at a price of $1.00 per warrant upon consummation of a Business Combination[123]. Regulatory and Reporting - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[135]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[136]. Investment Strategy - The net proceeds from the Initial Public Offering will be invested in U.S. government securities with a maturity of 185 days or less, minimizing exposure to interest rate risk[138]. - The company has not engaged in any hedging activities since inception and does not plan to do so regarding market risk[139]. Operations - The company has not engaged in any operations or generated revenues to date, with non-operating income derived solely from interest on cash and cash equivalents[115]. - As of September 30, 2022, the company had no off-balance sheet arrangements or long-term debt obligations[125][126].