Financial Performance - As of June 30, 2023, the company reported a net loss of $3,105 since its inception on February 17, 2023[6]. - The company incurred a net loss of $3,105 from formation and operating costs from inception (February 17, 2023) through June 30, 2023[59]. - The basic and diluted net loss per common share for the period was $(0.002) based on a weighted average of 1,656,774 shares outstanding[6]. - The company has not recognized any unrecognized tax benefits or accrued interest and penalties as of June 30, 2023[27]. IPO Details - The company completed its IPO on July 14, 2023, raising gross proceeds of $60,000,000 from the sale of 6,000,000 units at $10.00 per unit[13]. - An additional 900,000 units were sold on July 18, 2023, generating gross proceeds of $9,000,000 due to the full exercise of the underwriters' over-allotment option[15]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during the IPO, generating gross proceeds of $60,000,000[56]. - The underwriters exercised the over-allotment option in full on July 17, 2023, resulting in the sale of an additional 900,000 Units for gross proceeds of $9,000,000[47]. - The Company also sold 330,000 Private Placement Units at $10.00 per Unit, generating total gross proceeds of $3,300,000[60]. - Total transaction costs related to the IPO amounted to $3,243,898, including $1,725,000 in cash underwriting fees[16]. Financial Position - The company had cash of $2,520 and a working capital deficit of $147,837 as of June 30, 2023[18]. - As of June 30, 2023, the Company had deferred offering costs of $1,185,732[25]. - The total amount placed in a trust account after the IPO and over-allotment sales was $69,690,000, which will be used for the initial business combination[62]. - The company has approximately $700,000 of proceeds held outside the trust account available for identifying and evaluating target businesses[63]. - Estimated liquidity requirements include approximately $200,000 for legal and accounting expenses, $100,000 for regulatory reporting, and $160,000 for general working capital[64]. Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a business combination[12]. - The company intends to focus its search for business combinations on businesses in Asia but is not limited to any specific industry or region[57]. - The Company has not selected any specific business combination target and has not initiated substantive discussions with potential targets[57]. - The company expects to incur increased expenses as a result of being a public company, particularly for legal and financial reporting compliance[58]. - The company may need to raise additional funds if actual costs exceed estimates for identifying a target business and conducting due diligence[66]. Advisory and Services - The Company has engaged TenX Global Capital for accounting services at a fixed quarterly rate of $5,250, starting after the IPO[50]. - The company has engaged EBC as an advisor for its Business Combination, with a service fee of 3.5% of the gross proceeds of the IPO payable upon consummation[78]. - The Company has agreed to pay EBC a service fee of 3.5% of the gross proceeds of the IPO upon consummation of its initial Business Combination[49]. - The company has incurred $10,000 in service fees for accounting consulting services during the period from inception to June 30, 2023[73]. Shareholder Information - The company had a basic and diluted weighted average of 1,680,000 ordinary shares outstanding as of June 30, 2023[6]. - The Company is authorized to issue 200,000,000 ordinary shares, with 1,905,000 ordinary shares issued and outstanding as of June 30, 2023[52][53]. - The Sponsors received 1,725,000 Founder Shares for $25,000, with up to 225,000 shares subject to forfeiture if the underwriters' over-allotment was not fully exercised[37]. - The company issued 180,000 EBC founder shares at $0.014 per share, with an estimated fair value of approximately $1,016,000[69].
Bowen Acquisition Corp(BOWNU) - 2023 Q2 - Quarterly Report