Investcorp Acquisition (IVCA) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $3,532,578, which includes interest earned from marketable securities of$3,221,233 and a change in fair value of warrants of $831,938[119] - For the six months ended June 30, 2023, the company had a net income of$5,545,277, with operating costs of $845,718 and interest income from marketable securities of$6,111,095[120] - Cash used in operating activities for the six months ended June 30, 2023, was $524,397, compared to$1,475,593 for the same period in 2022[123][124] - The company incurred operating costs of $520,593 for the three months ended June 30, 2023, which is slightly lower than the$523,547 incurred in the same period of 2022[119] Cash and Investments - As of June 30, 2023, the company had cash held in the Trust Account amounting to $276,389,817, which is intended to be used for completing a Business Combination[126] - As of June 30, 2023, the company had$111,168 in cash held outside the Trust Account, primarily for identifying and evaluating target businesses[127] - The company generated gross proceeds of $225,000,000 from its Initial Public Offering of 22,500,000 Class A Public Shares at$10.00 per share, with an additional $33,750,000 from the underwriter's over-allotment option[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[126] - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[130] Business Combination and Regulatory Compliance - The company has until August 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[129] - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act, thus not required to provide detailed market risk disclosures[145] - The company remains focused on compliance with regulatory requirements without additional disclosures[145] Conference Call Insights - No specific financial performance metrics or user data were disclosed in the conference call[145] - Future outlook and performance guidance were not provided due to the company's reporting status[145] - There were no mentions of new product or technology developments during the call[145] - Market expansion strategies and potential mergers or acquisitions were not discussed[145] - The company did not outline any new strategic initiatives in the conference call[145] - Overall, the call lacked quantitative data and specific performance insights[145] - No updates on user metrics or customer engagement were shared[145] - The absence of detailed financial disclosures limits the analysis of the company's market position[145]