Financial Performance - As of September 30, 2023, the Company had a net income of $1,210,015, with operating costs of $461,510 and interest earned from investments held in the Trust Account amounting to $2,503,463[116] - For the nine months ended September 30, 2023, the Company reported a net income of $6,755,292, with operating costs of $1,307,228 and interest income of $8,614,558[117] Cash and Investments - The Company had cash of $30,414 and a working capital deficit of $427,503 as of September 30, 2023[118] - The Company had investments held in the Trust Account totaling $106,318,563 as of September 30, 2023[122] Business Combination and Redemption - A total of $172,774,717 in redemption payments were made on August 18, 2023, following the redemption of 16,085,554 shares of Class A ordinary shares at a redemption price of approximately $10.74 per share[112] - The Sponsor agreed to contribute up to $1,200,000 to the Company's Trust Account for monthly contributions until August 12, 2024, to facilitate the business combination[111] - The Company intends to use substantially all funds held in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business[122] - The Company has until August 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[125] - Shareholders approved the extension of the business combination deadline from August 12, 2023, to August 12, 2024[136] - Following the redemption, the Company has 9,789,446 Class A ordinary shares outstanding[136] Initial Public Offering - The Initial Public Offering generated gross proceeds of $225,000,000 from the sale of 22,500,000 Class A Public Shares at $10.00 per share, with an additional $33,750,000 from the underwriter's over-allotment option[119] Debt and Liabilities - As of September 30, 2023, the outstanding principal balance of the 2023 Note from the Sponsor was $200,000, which is non-interest bearing and payable upon the consummation of a Business Combination[131] Accounting and Reporting - The Company recognizes changes in redemption value immediately and adjusts the carrying value of redeemable ordinary shares accordingly[137] - Warrants are classified as either equity or liability based on specific terms and assessments under ASC 480 and ASC 815[138] - Changes in estimated fair value of liability-classified warrants are recognized as non-cash gains or losses in the statements of operations[139] - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[140] - The Company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years[142]
Investcorp AI Acquisition Corp(IVCAU) - 2023 Q3 - Quarterly Report