Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $590,103, with operating costs of $358,997 and interest earned on marketable securities of $949,100[121]. - The company incurred cash used in operating activities of $275,757 for the three months ended March 31, 2024, compared to $129,918 for the same period in 2023[125][126]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination, relying on non-operating income from interest on marketable securities[136]. Financial Position - As of March 31, 2024, the company held marketable securities in the Trust Account amounting to $54,506,397, consisting of money market funds and government bonds[127]. - The company had a working capital deficit of $4,875,044 as of March 31, 2024, with only $9,458 in cash available in its operating account[129]. - The Company has $9,458 in cash, which may not be sufficient to sustain operations for at least the next 12 months from the issuance of the financial statements[135]. - The company had an aggregate redemption amount of approximately $109.31 million from Class A ordinary shares during the First Extension Proposal[113]. Funding and Capital Structure - The company generated total gross proceeds of $207,795,642 from its Initial Public Offering and Private Placement, with $202,998,782 placed in the Trust Account[124]. - The company plans to use funds in the Trust Account primarily for acquiring a target business and covering related expenses[127]. - The Company issued an unsecured promissory note (the "Seamless Note") for up to $500,000, with $241,706 outstanding as of March 31, 2024[133]. - The company has issued unsecured promissory notes to the Sponsor, with $250,000 outstanding under the Amended Note as of March 31, 2024[132]. - As of March 31, 2024, an additional $320,000 was deposited into the Trust Account, totaling $560,000 in required contributions by May 20, 2024[134]. Compliance and Regulatory Matters - The company received a notification from NYSE regarding non-compliance with the minimum public shareholders requirement, with a plan accepted to return to compliance within 18 months[118]. - The company has until November 23, 2024, to consummate its initial business combination following the approval of the Third Extension Proposal[116]. - The Company is obligated to pay a deferred underwriting commission of $5,999,964 upon consummation of its initial Business Combination[139]. Operational Considerations - The Company incurs a monthly fee of $10,000 for office space and administrative support, which began on November 23, 2021[138]. - There are no off-balance sheet financing arrangements or obligations as of March 31, 2024[137]. Management and Accounting - Management's estimates and assumptions in financial statements could materially differ from actual results[140]. - Recent accounting standards are not expected to have a material effect on the financial statements[141]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[143].
Currenc Group Inc.(CURR) - 2024 Q1 - Quarterly Report