IPO and Fundraising - 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[91]. - The company has raised a total of $2,530,450 from the private placement of 253,045 Private Units at $10.00 per unit[91]. - The company intends to utilize substantially all net proceeds from the IPO for its initial business combination and related expenses, including a deferred underwriting fee of $2,415,000[93][100]. Financial Performance - As of March 31, 2024, the company reported a net income of $611,704, primarily from interest income of $925,989, offset by operational costs and taxes[90]. - The company has cash of $565,813 and a working capital of $178,404 as of March 31, 2024[94]. - The company has incurred $30,000 in related party fees for administrative services provided by the Sponsor during the three months ended March 31, 2024[99]. - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2024[97][98]. - The company expects to incur significant costs related to being a public company and pursuing a business combination[86][96]. - The company has not generated any operating revenues to date and does not expect to until after completing its initial business combination[88]. Business Strategy - The company plans to focus on target businesses in the financial technology sector in Asia, excluding China, Hong Kong, and Macau[85].
Quetta Acquisition Corp(QETAU) - 2024 Q1 - Quarterly Report