Financial Performance - The company had a net loss of $3,553 from February 19, 2021, through March 31, 2021, due to formation costs [105]. - As of March 31, 2022, the company had $25,000 in its operating bank account and a working deficit of $632,718 [106]. - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination [104]. Initial Public Offering - The company completed its Initial Public Offering on May 9, 2021, raising a total of $269,687,400 for general working capital purposes [109]. - The company granted underwriters a 45-day option to purchase up to 3,375,000 additional units to cover over-allotments at the IPO price [116]. Working Capital - Approximately $3,174,900 remained available for general working capital purposes as of May 12, 2022 [109]. - The company may receive Working Capital Loans from the Sponsor or affiliates to finance transaction costs related to a Business Combination [108]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2022 [111]. Regulatory Classification - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [120]. Investment of Proceeds - The net proceeds from the Initial Public Offering will be invested in U.S. government securities or money market funds with a maturity of 185 days or less [124].
Investcorp AI Acquisition Corp(IVCAU) - 2022 Q1 - Quarterly Report