Financial Performance - The net income for the three months ended August 31, 2023, was $116,225, compared to a net income of $335,699 for the same period in 2022[8]. - For the period ended August 31, 2023, the net income was $798,474, a significant increase from $176,423 in the same period of the previous year, representing a growth of approximately 352%[11]. - The Company reported a net income allocable to redeemable Class A ordinary shares of $64,801 for the period ended August 31, 2023, with a basic and diluted net income per share of $0.02[55]. - The net income allocable to Class B ordinary shares for the period ended August 31, 2023, was $51,424, with a basic and diluted net income per share of $0.02[55]. - For the three months ended August 31, 2023, the company reported a net income of $116,225, with formation and operating costs of $307,548 and interest earned on investments of $423,773[101]. - For the nine months ended August 31, 2023, the company had a net income of $798,474, consisting of formation and operating costs of $791,818 and interest earned on investments of $1,590,292[101]. Assets and Liabilities - Total current assets decreased significantly from $491,293 as of November 30, 2022, to $39,475 as of August 31, 2023[5]. - Cash and marketable securities held in trust account dropped from $118,051,997 in November 2022 to $32,914,283 in August 2023[5]. - Total liabilities increased from $4,129,848 in November 2022 to $5,722,463 in August 2023, primarily due to an extension loan of $1,252,615[5]. - The accumulated deficit rose from $(3,638,896) in November 2022 to $(5,683,329) in August 2023[6]. - The total shareholders' deficit increased from $(3,638,555) in November 2022 to $(5,682,988) in August 2023[6]. - As of August 31, 2023, the Company had approximately $39,475 in cash and a working capital deficit of approximately $(1,657,988)[32]. - The total amount held in the Trust Account was $32,914,283 as of August 31, 2023, compared to $118,051,997 as of November 30, 2022, indicating a significant decrease[46]. Initial Public Offering (IPO) - The company generated gross proceeds of $100,000,000 from its Initial Public Offering (IPO) on January 20, 2022[14]. - The Initial Public Offering generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units at a price of $10.00 per Unit[102]. - The total transaction costs associated with the IPO amounted to $8,482,742, which included $1,800,000 in underwriting fees[15]. - Offering costs associated with the Initial Public Offering amounted to $4,532,887, which were charged to additional paid-in capital[56]. - The Company granted underwriters a 45-day option to purchase up to 1,500,000 additional Units at the Initial Public Offering price[75]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $2,000,000, payable upon the closing of the Initial Public Offering[76]. Business Combination and Operations - As of August 31, 2023, the company had not commenced any operations and will not generate operating revenues until after completing its initial Business Combination[13]. - The company is required to complete a Business Combination with a fair market value equal to at least 80% of the net assets held in the Trust Account[19]. - The company has broad discretion regarding the application of the net proceeds from the IPO, primarily intended for consummating a Business Combination[19]. - The Company expects to incur significant costs in pursuit of its acquisition plans and anticipates negative cash flows from operations until the completion of its initial business combination[36]. - The Company will cease all operations and redeem Public Shares if it fails to consummate a business combination during the Combination Period[39]. - The Company has the right to extend the period to complete a business combination by up to twelve times for an additional one month each time, with a deposit of $144,000 or $0.045 per Class A ordinary share outstanding[31]. - The Company has the right to extend the period to complete a business combination by up to six times for an additional month each time, with a deposit of $262,500 for each extension[90]. - The Company intends to effectuate its initial Business Combination using cash from the proceeds of its Initial Public Offering and private placements[98]. Shareholder Activity - Shareholders redeemed an aggregate of 8,373,932 ordinary shares following the Charter Amendment filed on January 20, 2023[29]. - TETE's shareholders redeemed an aggregate of 8,373,932 ordinary shares, amounting to $86,353,885, in connection with the General Meeting on January 18, 2023[78]. - The Company will provide Public Shareholders the opportunity to redeem their shares for a pro rata portion of the Trust Account, initially anticipated to be $10.15 per share[20]. Financial Concerns - The Company does not currently have adequate liquidity to sustain operations solely focused on pursuing a business combination[36]. - There are no assurances that additional capital will be available, raising substantial doubt about the Company's ability to continue as a going concern within one year after the financial statements are issued[38]. - The company is within 12 months of mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[108]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient[107]. Miscellaneous - The Company has borrowed a total of $1,520,474 from the Sponsor, with $1,252,615 already paid towards these loans as of August 31, 2023[28]. - The Company has accrued $190,000 under the Administrative Support Agreement with the Sponsor as of August 31, 2023[71]. - The Company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[110]. - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K filed on March 1, 2023[114].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2023 Q3 - Quarterly Report