Financial Performance - The Company reported a net income of $480,522 for the three months ended March 31, 2024, with investment income of $785,456 offset by operating costs of $304,934 [96]. - The Company has not engaged in any operations or generated revenues to date, and does not expect to do so until after completing a Business Combination [95]. Cash and Working Capital - As of March 31, 2024, the Company had $290,347 in cash and a working capital of $212,813 [98]. - The net proceeds from the IPO have been invested in U.S. government treasury bills or money market funds, minimizing exposure to interest rate risk [110]. - The Company has no long-term debt or off-balance sheet financing arrangements [106]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit, with offering costs amounting to $2,723,448 [99]. - The underwriter received a cash underwriting fee of 1.4% of gross proceeds from the Public Offering, totaling $837,500, along with deferred underwriting commissions of $1,200,000 [109]. - The Company completed a private placement of 277,750 units at $10.00 per unit, generating total gross proceeds of $2,777,500 [100]. Business Combination and Future Plans - The Company may extend the period to consummate a Business Combination by up to 18 months, requiring the Sponsor to deposit $199,800 for each one-month extension [104]. - The Company expects to incur significant costs in pursuit of its acquisition plans, raising concerns about its ability to continue as a going concern if a Business Combination is not completed [105].
AI Transportation Acquisition(AITR) - 2024 Q1 - Quarterly Report