IPO and Financial Overview - The company completed its IPO on April 28, 2022, raising gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[107]. - The company incurred $5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees[121]. - The underwriters received a cash underwriting discount of $0.20 per Public Unit, totaling $1,610,000[133]. - For the six months ended June 30, 2023, the company reported a net income of $1,319,926, primarily from interest earned on investments in the Trust Account[120]. Trust Account and Financial Position - As of June 30, 2023, the Trust Account held $84,502,266 in money market funds, primarily invested in U.S. Treasury Securities[122]. - As of June 30, 2023, the company had cash of $5,169 and a working capital deficiency of $242,020[126]. - The company believes it will have sufficient working capital and borrowing capacity to meet its needs through the consummation of a Business Combination or one year from the filing date[127]. - As of June 30, 2023, there were no amounts outstanding under any Working Capital Loans[126]. - The company has no off-balance sheet financing arrangements as of June 30, 2023[129]. Business Operations and Plans - The company has not yet engaged in any operations or generated revenues since its inception on July 26, 2021[119]. - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses, performing due diligence, and completing a Business Combination[124]. - The company has the option to extend the period to consummate an initial Business Combination up to nine times, each by an additional one-month period, until April 28, 2024[115]. - Up to $1,500,000 of loans may be convertible into units of the post-business combination entity at a price of $10.00 per unit[125]. - The company incurred significant costs in pursuit of financing and acquisition plans and expects to continue doing so[127]. Corporate Governance and Compliance - The company appointed MaloneBailey, LLP as its new independent registered public accounting firm effective April 27, 2023[114]. - All current officers and directors are U.S. citizens, with no significant ties to China, which may impact the search for a Business Combination target[111]. - The Chief Executive Officer and General Counsel concluded that the company's disclosure controls and procedures were not effective as of June 30, 2023[152]. - There has been no change in the internal control over financial reporting that has materially affected the company's internal control during the reporting period[153]. - There are no ongoing legal proceedings against the company[155]. Shareholder Information - As of March 17, 2023, the sponsor held 1,692,500 founder shares after a distribution of 280,000 shares and a repurchase agreement[112]. - On July 27, 2023, 4,076,118 Public Shares were rendered for redemption, resulting in 4,465,882 Class A ordinary shares remaining[116]. - The company accounts for ordinary shares subject to possible redemption at a redemption value of $10.50 per share as of June 30, 2023[138]. - The company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense, with no unrecognized tax benefits as of June 30, 2023[148].
Aimfinity Investment Corp. I(AIMAU) - 2023 Q2 - Quarterly Report