Financial Performance - The Company had a net income of $334,529 for the three months ended March 31, 2024, compared to a net income of $2,012,699 for the same period in 2023[115]. - The Company incurred operating costs of $194,117 for the three months ended March 31, 2024, while interest earned from marketable securities was $1,399,396[115]. - Cash used in operating activities for the three months ended March 31, 2024, was $181,594[118]. - The Company has a working capital deficit of $1,688,619 as of March 31, 2024[116]. Cash and Trust Account - As of March 31, 2024, the Company had cash held in the Trust Account of $109,731,142, which will be used to complete the Business Combination[120]. - The Sponsor has agreed to contribute up to $1,200,000 to the Trust Account for each monthly period until the completion of the initial business combination or August 12, 2024[108]. Shareholder Activity - A total of 16,085,554 shares of Class A ordinary shares were redeemed at a per share price of approximately $10.74, resulting in redemption payments of $172,747,177[109]. - Shareholders redeemed 16,085,554 Class A ordinary shares at a redemption price of approximately $10.74, resulting in total redemption payments of $172,774,717 on August 18, 2023[133]. - Following the redemption, the Company had 9,789,446 Class A ordinary shares outstanding[133]. Debt and Financial Obligations - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[124]. - The Company entered into a non-interest bearing convertible unsecured loan of up to $3,000,000 from the Sponsor to provide additional working capital, repayable by August 12, 2024, or upon business combination[127]. - As of March 31, 2024, the outstanding principal balance of the 2023 Note was $800,000, up from $500,000 as of December 31, 2023[129]. - The Company has no amounts outstanding on a previous promissory note of $300,000 as of March 31, 2024[128]. Regulatory and Accounting Changes - The Company expects the adoption of ASU 2023-09 to result in disclosure changes only, effective for annual periods beginning after December 15, 2024[138]. - The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its financial statements[137]. Equity and Valuation - The Company accounts for Class A ordinary shares subject to possible redemption as temporary equity, reflecting uncertain future events[132]. - The Company has determined that the value of the conversion option for the loan is de minimis, based on the valuation of its Private Placement Warrants[127]. - The underwriters exercised an overallotment option to purchase an additional 3,375,000 units at the IPO price[130]. Business Combination Timeline - The Company has until August 12, 2024, to consummate a Business Combination, or it will face mandatory liquidation[123].
Investcorp AI Acquisition Corp(IVCAU) - 2024 Q1 - Quarterly Report