Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $507,193, with $797,218 in interest gained from the trust account[110]. - The company had a net loss of $10,832 for the period from March 15, 2021, to September 30, 2021, consisting entirely of formation and administrative expenses[111]. - The company reported a net loss per ordinary share, calculated by dividing net loss by the weighted average number of ordinary shares outstanding during the period[127]. - The diluted loss per ordinary share is the same as the basic loss per share for the period presented, as the effect of warrants is considered anti-dilutive[128]. Initial Public Offering - The company completed its initial public offering on November 8, 2021, selling 17,250,000 public units at $10.00 per unit, generating gross proceeds of $172,500,000[107]. - The trust account held $177,011,962 of the initial public offering proceeds and interest earned as of September 30, 2022[113]. - The company has engaged EarlyBirdCapital as an advisor for its initial business combination, with a fee of 3.5% of the gross proceeds of the initial public offering payable upon consummation[121]. Cash and Borrowings - As of September 30, 2022, the company had cash outside its trust account amounting to $556,544 available for working capital needs[112]. - As of September 30, 2022, the company had $449,765 of outstanding borrowings under a working capital loan[114]. Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing an initial business combination[109]. - If the company does not complete a business combination by May 8, 2023, it will commence automatic winding up, dissolution, and liquidation[118]. Accounting Standards and Regulations - The company is assessing the impact of ASU No. 2020-06 on its financial position, which simplifies accounting for convertible instruments and is effective for fiscal years beginning after December 15, 2023[130]. - ASU 2022-03 clarifies that contractual sales restrictions are not considered in measuring equity securities at fair value, effective for the company in fiscal years beginning after December 15, 2023[131]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[133]. - The company may not be required to provide certain disclosures and attestation reports under the JOBS Act for a period of five years following its initial public offering[134]. Risks and Uncertainties - Various factors, including economic downturns and geopolitical instability, may adversely affect the company's results of operations and ability to complete an initial business combination[136]. - As of September 30, 2022, the company was not subject to any market or interest rate risk, with net proceeds from the IPO invested in U.S. government treasury obligations[137]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[138].
Finnovate Acquisition Corp.(FNVTU) - 2022 Q3 - Quarterly Report