IPO and Financial Position - The company completed its IPO on January 7, 2022, raising gross proceeds of $230.0 million from the sale of 23,000,000 units at $10.00 per unit[130]. - As of September 30, 2023, the company had cash and marketable securities in the Trust Account totaling $45,697,836, including $2,289,362 of interest income[149]. - The underwriters received a cash underwriting discount of $4,600,000 at the IPO, which included $600,000 from the full exercise of the over-allotment option[156]. - The deferred fee to underwriters of $8,050,000 will only be payable if the Company completes a Business Combination[156]. Income and Operating Costs - For the three months ended September 30, 2023, the company reported a net income of $767,348, driven by interest income of $1,028,410, offset by operating costs of $261,062[140]. - For the nine months ended September 30, 2023, the company achieved a net income of $5,852,864, with interest income of $6,502,003 and operating costs of $1,411,359[142]. - The company has not generated any operating revenues to date and relies on interest income from marketable securities held in the Trust Account[139]. - The company incurred cash used in operating activities of $1,160,134 for the nine months ended September 30, 2023[147]. Business Combination and Liquidation - The company has until April 7, 2024, to complete a Business Combination, or it will face mandatory liquidation[134]. - An aggregate of 18,785,585 Class A ordinary shares were redeemed by shareholders, resulting in approximately $200.9 million being released from the Trust Account[138]. - The Cartica Funds agreed to subscribe for up to $30,000,000 in forward purchase shares, but the investment committee decided not to approve the purchase, potentially impacting the Company's ability to complete a Business Combination[157]. Borrowing and Financial Agreements - The company issued a promissory note to its Sponsor in August 2023, allowing for borrowing up to $300,000, with $100,000 outstanding as of September 30, 2023[146]. - The Company may borrow up to $300,000 under the Second Promissory Note, with $100,000 borrowed as of September 30, 2023[158]. - The Company entered into an agreement to pay the Sponsor a total of $930,000 over eighteen months, which includes an annual salary of $312,000 for the CEO and $200,000 for the COO and CFO[153]. Administrative Costs - For the three months ended September 30, 2023, the Company incurred $50,000 in fees for administrative support services, a decrease from $155,000 for the same period in 2022, representing a 67.74% reduction[154]. - The Company incurred $270,333 in fees for administrative support services for the nine months ended September 30, 2023, compared to $776,500 for the same period in 2022, indicating a 65.24% decrease[154]. Company Classification and Accounting Standards - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[166]. - The Company has not opted out of the extended transition period for new accounting standards, which may complicate financial comparisons with other public companies[168]. Shareholder Agreements - The company may enter into additional non-redemption agreements with third parties, similar to those executed with existing holders for 3,850,000 Public Shares[136]. - The Company has outstanding 27,400,000 warrants as of September 30, 2023[162].
Cartica Acquisition Corp(CITEU) - 2023 Q3 - Quarterly Report