Financial Performance - The company had a net income of $2,877,078 for the three months ended September 30, 2024, primarily from interest earned on investments held in the Trust Account of $3,154,569, with general and administrative expenses of $277,491 [102]. - For the nine months ended September 30, 2024, the company reported a net income of $8,686,281, driven by interest income of $9,397,868 and general and administrative expenses totaling $711,587 [102]. - The company has a net cash used in operating activities of $255,160 for the nine months ended September 30, 2024, influenced by changes in operating assets and liabilities [105]. Initial Public Offering - The company generated gross proceeds of $230,000,000 from its Initial Public Offering of 23,000,000 Units on July 28, 2023 [107]. Liquidity and Going Concern - As of September 30, 2024, the company had $15,815 in cash outside of the Trust Account and a working capital deficit of $281,223, raising substantial doubt about its ability to continue as a going concern [112]. - The company must complete its initial Business Combination by July 28, 2025, or face mandatory liquidation [113]. - The June 2024 Promissory Note allows the company to draw up to $1,500,000 for working capital expenses, with $150,000 already drawn as of September 30, 2024 [119]. Operational Status - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational efforts and searching for a Business Combination target [101]. Regulatory Environment - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination, potentially increasing costs and time [99]. Expenses - The company incurred $60,000 and $180,000 in expenses under the Administrative Services Agreement for the three and nine months ended September 30, 2024, respectively [118]. Accounting Policies - The company adopted ASU 2020-06 effective March 7, 2023, which simplifies accounting for convertible instruments, but it did not impact the unaudited condensed financial statements [124]. - Management believes that recently issued accounting pronouncements will not materially affect the financial statements [125]. Shareholder Considerations - Class A Ordinary Shares are subject to redemption in connection with liquidation, shareholder votes, or certain amendments to the charter [122].
Haymaker Acquisition 4(HYAC) - 2024 Q3 - Quarterly Report