Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $174,050, with operating costs of $537,075 and interest earned of $711,125 from marketable securities held in the Trust Account [123]. - For the six months ended June 30, 2024, the company had a net income of $764,153, consisting of operating costs of $896,072 and interest earned of $1,660,225 from marketable securities [123]. Marketable Securities - As of June 30, 2024, the company held marketable securities in the Trust Account amounting to $55,457,522, primarily in a money market fund and government bonds [130]. - The company plans to use funds held in the Trust Account primarily for acquiring a target business and covering related expenses [130]. - 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 [138]. Initial Public Offering - The company generated gross proceeds of $173,912,000 from its Initial Public Offering of 17,391,200 Units, with each Unit sold at an offering price of $10.00 [125]. Working Capital and Cash Position - The company had a working capital deficit of $5,412,119 as of June 30, 2024, with only $8,780 in cash available in its operating account [131]. - The Company has $8,780 in cash, which may not be sufficient to sustain operations for at least the next 12 months [137]. Business Combination and Compliance - The company has until November 23, 2024, to consummate its initial business combination following the approval of the Third Extension Proposal [118]. - The company received a notification from NYSE regarding non-compliance with the minimum public shareholders requirement, and submitted a business plan to return to compliance [121]. - The company redeemed approximately $30.26 million worth of Class A ordinary shares at a redemption price of approximately $11.36 per share during the approval of the Third Extension Proposal [118]. - The Company is obligated to pay a deferred underwriting commission of $5,999,964 upon consummation of its initial Business Combination [141]. Expenses and Financial Obligations - The company incurred expenses related to being a public entity, including legal, financial reporting, and due diligence costs [122]. - The Company issued an unsecured promissory note (the "Amended Note") for up to $400,000, replacing the previous note, with $325,000 outstanding as of June 30, 2024 [134]. - An additional $560,000 was deposited into the Trust Account as of June 30, 2024, with total contributions reaching $640,000 by August 1, 2024 [136]. - The Company incurs a monthly fee of $10,000 to its Sponsor for office space and administrative support, starting from November 23, 2021 [140]. - Management believes that significant costs will continue to be incurred in pursuit of the Business Combination [137]. - The Company has no long-term debt or capital lease obligations other than the monthly fee to the Sponsor [140]. Accounting Standards - Management does not anticipate that recently issued accounting standards will materially affect the financial statements [143].
Currenc Group Inc.(CURR) - 2024 Q2 - Quarterly Report