Operations and Revenue - The company has not engaged in any operations or generated any revenues to date, focusing solely on organizational activities and searching for a Business Combination target [91]. - The company has until July 28, 2025, to complete its initial Business Combination, or it will face mandatory liquidation [92]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination [93]. Financial Performance - As of June 30, 2024, the company reported a net income of $5,809,203, primarily from interest earned on investments held in the Trust Account, totaling $6,243,299 [96]. - The company incurred general and administrative expenses of $196,552 for the three months ended June 30, 2024 [96]. - As of June 30, 2024, the company had a working capital deficit of $24,266 and cash of $33,388 held outside the Trust Account [101]. Initial Public Offering - The company completed its Initial Public Offering on July 28, 2023, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units [98]. - A total of $232,300,000 was placed in the Trust Account following the Initial Public Offering, with an interest rate of $10.10 per Unit [99]. Financing and Debt - The company issued a June 2024 Promissory Note for up to $1,500,000 to the Sponsor, with $150,000 drawn as of June 30, 2024 [94]. - The company expects to use substantially all funds in the Trust Account to complete its initial Business Combination and cover tax obligations [100]. Accounting and Internal Controls - The company has adopted ASU 2020-06 effective March 7, 2023, which simplifies accounting for convertible instruments, but it did not impact the unaudited condensed financial statements [109]. - As of June 30, 2024, the company's disclosure controls and procedures were evaluated as effective by the Certifying Officers [113]. - There have been no changes to the internal control over financial reporting during the quarterly period ended June 30, 2024, that materially affected the internal control [115]. - The company does not expect any recently issued accounting pronouncements to have a material effect on its financial statements [110]. Legal Matters - There is no material litigation currently pending or contemplated against the company or its officers [117].
Haymaker Acquisition 4(HYAC) - 2024 Q2 - Quarterly Report