Financial Position - As of September 30, 2023, total assets amounted to $119,810,571, compared to $1,215,951 as of December 31, 2022[4] - Total current liabilities decreased to $794,625 as of September 30, 2023, from $1,174,701 as of December 31, 2022[4] - The company held investments in a Trust Account valued at $119,080,489 as of September 30, 2023[4] - The company has a total shareholders' deficit of $41,250 as of January 1, 2023, which has slightly decreased to $41,029 by March 31, 2023[7] - As of September 30, 2023, the company had $424,173 in cash held outside of the Trust Account and a working capital deficit of $164,756[14] Income and Expenses - The company reported a net income of $1,362,467 for the three months ended September 30, 2023, compared to a net income of $1,933,283 for the nine months ended September 30, 2022[5] - The company incurred operating and formation costs of $174,629 for the three months ended September 30, 2023[5] - The company reported a net loss of $1,531,301, with accumulated deficit reaching $(5,139,890)[7] - The company reported a gain on investments held in the Trust Account of $1,531,302 for the three months ended September 30, 2023[5] - The company incurred significant costs in pursuit of financing and acquisition plans, with substantial doubt about its ability to continue as a going concern[14] Shareholder Information - The total number of Class A ordinary shares issued and outstanding was 595,500 as of September 30, 2023, excluding 11,500,000 shares subject to possible redemption[4] - As of November 15, 2023, there were 12,095,500 Class A ordinary shares and 2,875,000 Class B ordinary shares issued and outstanding[1] - The company has not issued any preference shares as of September 30, 2023[4] - The company’s Class A ordinary shares are subject to redemption, with a remeasurement amount of $11,052,094 as of September 30, 2023[10] - As of September 30, 2023, Class A ordinary shares subject to possible redemption totaled $118,980,488, reflecting a remeasurement increase of $13,307,582[25] Initial Public Offering (IPO) - The company generated gross proceeds of $115,000,000 from its Initial Public Offering on May 9, 2023, including $5,955,000 from private placement shares[11] - Transaction costs related to the Initial Public Offering amounted to $9,088,588, including $2,300,000 in cash underwriting fees[11] - The company placed $116,725,000 from the net proceeds of the Initial Public Offering into a Trust Account, to be invested in U.S. government treasury obligations[11] - The Initial Public Offering generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units, including 1,500,000 Units from the underwriter's overallotment option[38] - The Company sold 538,000 Private Placement Shares at $10.00 per share, generating gross proceeds of $5,380,000, with an additional 57,500 shares sold to the underwriter for $575,000[40] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[11] - The company has not yet identified a target for a Business Combination, remaining in the early stages of its operations[11] - The company intends to complete the initial Business Combination before the mandatory liquidation date, but there is no assurance it will succeed[15] - The company has until November 9, 2024, to complete a Business Combination, failing which it will face mandatory liquidation[15] - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and searching for a potential business combination target[63] Tax and Legal Matters - The Company has no unrecognized tax benefits or accrued interest and penalties related to tax positions as of September 30, 2023[27] - The Company is not subject to income taxes in the Cayman Islands, Italy, or the United States, resulting in a tax provision of zero for the period presented[27] - The Company does not anticipate any material changes in unrecognized tax benefits over the next twelve months[27] - There have been no legal proceedings reported against the company[77] - The company has not reported any defaults upon senior securities[81] Internal Controls and Reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[76] - There were no changes in internal control over financial reporting that materially affected the company's financial reporting during the most recently completed quarter[77] - The company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, with deposits exceeding insured limits[79] - The company has not disclosed any material changes to the risk factors since the Initial Public Offering filed with the SEC on May 5, 2023[79]
Alchemy Investments Acquisition Corp 1(ALCYU) - 2023 Q3 - Quarterly Report