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Investcorp Acquisition (IVCA) - 2023 Q1 - Quarterly Report
IVCAInvestcorp Acquisition (IVCA)2023-05-16 00:22

Financial Performance - As of March 31, 2023, the company reported a net income of 2,012,699,drivenbyinterestincomeof2,012,699, driven by interest income of 2,889,862 and a change in fair value of warrants amounting to 552,038[116].−Thecompanyincurredoperatingcostsof552,038 [116]. - The company incurred operating costs of 325,125 for the three months ended March 31, 2023, with cash used in operating activities amounting to 298,742[120].−Thecompanyhasnotengagedinanyoperationsorgeneratedrevenuestodate,focusinginsteadonorganizationalactivitiesandidentifyingtargetcompaniesforabusinesscombination[115].CashandCapitalStructure−ThecompanyhadcashheldintheTrustAccountof298,742 [120]. - The company has not engaged in any operations or generated revenues to date, focusing instead on organizational activities and identifying target companies for a business combination [115]. Cash and Capital Structure - The company had cash held in the Trust Account of 273,168,584 as of March 31, 2023, which is intended to be used for completing a Business Combination [121]. - As of March 31, 2023, the company had 337,093initsoperatingbankaccountandaworkingcapitalof337,093 in its operating bank account and a working capital of 571,092 [117]. - The company generated gross proceeds of 225,000,000fromitsInitialPublicOfferingof22,500,000ClassAPublicSharesat225,000,000 from its Initial Public Offering of 22,500,000 Class A Public Shares at 10.00 per share, with an additional 33,750,000fromtheunderwriter′sover−allotmentoption[118].−Thecompanysold14,400,000PrivatePlacementWarrantsat33,750,000 from the underwriter's over-allotment option [118]. - The company sold 14,400,000 Private Placement Warrants at 1.00 per warrant, generating gross proceeds of $14,400,000 [118]. - As of March 31, 2023, the company had no long-term debt obligations or off-balance sheet arrangements [125]. Business Combination and Future Plans - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [122]. - The company has a potential obligation to consummate an initial Business Combination within 24 months from the closing of its Initial Public Offering, raising concerns about its ability to continue as a going concern if not completed [124].