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Investcorp Acquisition (IVCA) - 2024 Q1 - Quarterly Report
IVCAInvestcorp Acquisition (IVCA)2024-05-17 20:31

Financial Performance - The Company had a net income of 334,529forthethreemonthsendedMarch31,2024,comparedtoanetincomeof334,529 for the three months ended March 31, 2024, compared to a net income of 2,012,699 for the same period in 2023[133]. - The Company incurred operating costs of 194,117forthethreemonthsendedMarch31,2024[133].−TheCompanyhasaworkingcapitaldeficitof194,117 for the three months ended March 31, 2024[133]. - The Company has a working capital deficit of 1,688,619 as of March 31, 2024[134]. Cash and Trust Account - As of March 31, 2024, the Company had cash held in the Trust Account of 109,731,142,whichwillbeusedtocompletetheBusinessCombination[138].−TheSponsoragreedtocontributeupto109,731,142, which will be used to complete the Business Combination[138]. - The Sponsor agreed to contribute up to 1,200,000 to the Trust Account for each monthly period until the earlier of the completion of the initial business combination or August 12, 2024[125]. Business Combination and Liquidation - If the Company does not complete a Business Combination by August 12, 2024, it will cease operations and proceed with liquidation[129]. Shareholder Activity - Shareholders exercised redemption rights for 16,085,554 shares at a redemption price of approximately 10.74pershare,resultingintotalredemptionpaymentsof10.74 per share, resulting in total redemption payments of 172,747,177[126]. - A total of 172,774,717inredemptionpaymentsweremadeonAugust18,2023,followingtheredemptionof16,085,554sharesofClassAordinarysharesataredemptionpriceofapproximately172,774,717 in redemption payments were made on August 18, 2023, following the redemption of 16,085,554 shares of Class A ordinary shares at a redemption price of approximately 10.74 per share[154]. - After the redemption, the Company had 9,789,446 shares of Class A ordinary shares outstanding[154]. Debt and Loans - The Company entered into a non-interest bearing convertible unsecured loan of up to 3,000,000fromtheSponsortoprovideadditionalworkingcapital[128].−TheCompanyenteredintoanon−interestbearingconvertibleunsecuredloanofupto3,000,000 from the Sponsor to provide additional working capital[128]. - 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 and fund Extension Contributions[146]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[143]. - As of March 31, 2024, the outstanding principal balance of the 2023 Note was 800,000,upfrom800,000, up from 500,000 as of December 31, 2023[149]. IPO and Underwriting - The Company generated gross proceeds of 225,000,000fromtheInitialPublicOfferingof22,500,000ClassAPublicSharesat225,000,000 from the Initial Public Offering of 22,500,000 Class A Public Shares at 10.00 per share[135]. - The Company granted the underwriter a 45-day option to purchase up to 3,375,000 additional Units to cover over-allotments, which was exercised concurrently with the IPO[150]. Accounting Standards - The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its financial statements[158]. - The Company expects the adoption of ASU 2023-09 to result in disclosure changes only, effective for annual periods beginning after December 15, 2024[159]. Redemption Value - The Company recognizes changes in redemption value immediately and adjusts the carrying value of redeemable ordinary shares accordingly[155]. - The Company has determined that the value of the conversion option for the loan is de minimis, based on the valuation of its Private Placement Warrants[146]. Promissory Notes - The Company has no amounts outstanding on the promissory note related to the Initial Public Offering as of March 31, 2024[148].