Financial Performance - The company had a net income of $2,949 for the three months ended September 30, 2023, and $3,686 for the period from May 1, 2023, through September 30, 2023, all from interest income [84]. IPO Details - The company completed its IPO on October 11, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Public Units at $10.00 per unit [85]. - A total of $69,690,000 was placed in a Trust Account, which will be invested in U.S. government treasury bills or money market funds [86]. - The underwriters received a cash underwriting discount of 2.0% of the gross proceeds of the IPO, amounting to $1,380,000, and a deferred fee of 3.5% totaling $2,415,000 [96]. Cash and Working Capital - As of September 30, 2023, the company had cash of $262,658 and a working capital deficit of $122,602, which improved to cash of $774,668 and working capital of $767,721 post-IPO [88]. - The company has no off-balance sheet arrangements as of September 30, 2023 [91]. Future Expenses and Concerns - The company expects to incur significant expenses related to being a public company and for due diligence in connection with its business combination efforts [83]. - The company plans to utilize net proceeds from the IPO for its initial business combination and related expenses, including strategic acquisitions and operational financing [87]. - Management has raised substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the specified period [89]. Debt Obligations - The company has incurred $300,000 under a Promissory Note from the Sponsor, which was repaid on October 11, 2023 [93].
Quetta Acquisition Corp(QETAU) - 2023 Q3 - Quarterly Report