Graphjet Technology(GTI) - 2022 Q2 - Quarterly Report

Financial Performance - The Company had a net loss of $72,389 for the six-month period ended June 30, 2022, consisting of formation and operating costs of $241,714 and interest earned on marketable securities of $169,325[96]. - The Company has not engaged in any operations or generated revenues to date, with expectations to do so only after completing a Business Combination[95]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $100,000,000 from the sale of 10,000,000 units at $10.00 per unit, with offering costs amounting to $6,738,148[97]. - The Company raised an additional $15,000,000 from the sale of 1,500,000 Option Units following the exercise of the over-allotment option[99]. - The underwriter received a cash underwriting fee of 2.0% of gross proceeds from the IPO, totaling $2,300,000, along with deferred underwriting commissions of $4,025,000[107]. Cash and Working Capital - As of June 30, 2022, the Company had $262,873 in cash and a working capital of $329,105 available for identifying and evaluating prospective acquisition candidates[100]. - The Company has invested the net proceeds from the IPO in U.S. government treasury bills and money market funds, minimizing exposure to interest rate risk[109]. Business Combination Plans - The Company expects to incur significant costs in pursuing its initial Business Combination plans and does not guarantee the success of its capital-raising efforts[94]. - The Company may extend the time to consummate a Business Combination up to 18 months, subject to the Sponsor depositing additional funds into the Trust Account[103]. - The Company has no long-term debt or capital lease obligations, and may reimburse the Sponsor up to $10,000 per month for administrative support until the completion of the Business Combination[106].