Financial Performance - Evergreen Corporation had a net income of $834,222 for the three months ended May 31, 2024, with interest earned on investments held amounting to $1,033,580[108]. - For the six months ended May 31, 2024, the net income was $1,667,915, consisting of formation and operating costs of $445,750 and interest earned of $2,113,665[108]. - Cash used in operating activities for the six months ended May 31, 2024, was $303,257, compared to $340,292 for the same period in 2023[110]. Investments and Financing - As of May 31, 2024, Evergreen Corporation had investments of $53,579,162 held in Trust Accounts, intended for the initial business combination[111]. - The company raised gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit[109]. - The company has borrowed $810,500 under working capital loans as of May 31, 2024, with the option for up to $1,500,000 of such loans to be convertible into units[113]. Shareholder Actions - Shareholders elected to redeem an aggregate of 4,004,330 ordinary shares on July 18, 2023, and 2,831,713 ordinary shares on May 9, 2024[103][106]. Business Operations and Future Outlook - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[107]. - The liquidity condition raises substantial doubt about the company's ability to continue as a going concern until the consummation of the business combination or mandatory liquidation[115]. - Evergreen Corporation has the right to extend the period to complete a business combination by up to twelve times for an additional month each time, with a deposit of $160,000 or $0.055 per Class A ordinary share[102].
Evergreen (EVGR) - 2024 Q2 - Quarterly Report