Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $1,681,247, down from $3,532,578 in the same period of 2023[119] - For the six months ended June 30, 2024, the company had a net income of $2,015,776, compared to $5,545,277 for the same period in 2023[120] - The company incurred operating costs of $319,152 for the three months ended June 30, 2024, compared to $520,593 for the same period in 2023[119] - The company has not generated any revenues to date and does not expect to do so until after completing its initial business combination[118] Cash and Capital - As of June 30, 2024, the company had cash held in the Trust Account of $111,451,040[126] - The company raised gross proceeds of $225,000,000 from its Initial Public Offering of 22,500,000 Class A Public Shares at $10.00 per share[122] - Shareholders redeemed 8,314,006 Class A ordinary shares for cash at a redemption price of approximately $11.40 per share, totaling approximately $94,780,352[113] - The company had a working capital deficit of $2,307,772 as of June 30, 2024[121] - The Sponsor agreed to loan the Company up to $1,200,000 under a non-interest bearing convertible promissory note, with an outstanding principal balance of $1,100,000 as of June 30, 2024[136] - The company has entered into a non-interest bearing convertible unsecured loan of up to $3,000,000 from the Sponsor to provide additional working capital[134] Business Combination and Liquidation - The company has until May 12, 2025, to consummate a Business Combination, or it will face mandatory liquidation[129] - At the Extraordinary General Meeting on August 11, 2023, shareholders approved an extension for the Company to consummate a business combination until August 12, 2024, with 16,085,554 Class A ordinary shares redeemed at approximately $10.74 per share, totaling $172,774,717[141] - Following the redemption, the Company had 9,789,446 Class A ordinary shares outstanding[141] Accounting and Reporting - The Company accounts for Class A ordinary shares subject to possible redemption as temporary equity, reflecting uncertain future events[140] - The Company adopted ASU 2020-06 on January 1, 2024, which did not materially impact its financial statements[146] - The Company is evaluating the benefits of relying on reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[150] - The Company recognizes changes in redemption value of its shares immediately, adjusting the carrying value to equal the redemption value at each reporting period[142] - The Company does not believe that any recently issued accounting pronouncements will have a material effect on its financial statements[148] Underwriting and Shareholder Actions - The underwriters exercised an overallotment option to purchase an additional 3,375,000 units at the IPO price[138] - The Company had no amounts outstanding on a previous promissory note as of June 30, 2024[135]
Investcorp AI Acquisition Corp(IVCAU) - 2024 Q2 - Quarterly Report