Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $144,123, down from $662,376 in the same period of 2023, with operating costs increasing to $329,618 from $110,635[115]. - For the nine months ended September 30, 2024, the company had a net income of $833,308, compared to $1,724,307 for the same period in 2023, with operating costs slightly decreasing to $565,585 from $598,030[117]. - As of September 30, 2024, the company has an accumulated deficit of $6,788,432 and a working capital deficit of $3,910,227, raising substantial doubt about its ability to continue as a going concern[118]. Initial Public Offering and Financial Position - The company generated gross proceeds of $115,000,000 from its Initial Public Offering and an additional $3,300,000 from the sale of Private Units[120]. - As of September 30, 2024, the company had investments held in the Trust Account amounting to $37,257,981, which are intended to be used for completing a Business Combination[123]. - The company has no cash held outside the Trust Account as of September 30, 2024, and intends to use any available funds primarily for identifying and evaluating target businesses[124]. - The company has incurred $5,704,741 in transaction costs related to the Initial Public Offering, including $2,300,000 in underwriting fees[121]. Business Combination Plans - The company has proposed to extend the deadline for completing a Business Combination to August 5, 2024, following shareholder approval[135]. - The company has filed preliminary proxy statements to extend the deadline for consummating a Business Combination to April 5, 2025, as it continues to search for alternative targets[138]. - The Company has entered into a non-binding letter of intent for a business combination with Okidoki OÜ, valuing the total equity at $120 million[144]. - The Company has also entered into a letter of intent with Fedilco Group Limited, which holds an 80% equity interest in Viva Armenia Closed Joint-Stock Company[146]. - The Board has decided to extend the time to complete a business combination for an additional eight one-month periods, from August 5, 2024, to April 5, 2025[140]. - The Sponsor and/or its affiliate has deposited $50,000 to the Trust Account on August 8, September 3, and October 21, 2024, to compensate shareholders for delays[140]. - The Merger Agreement with Future Dao Group was mutually terminated on October 6, 2023, with no fees or expenses required to be paid by either party[142][143]. - The business combination with Okidoki OÜ is expected to be announced in the fourth quarter of 2024[144]. - The Company is seeking necessary permissions from the Republic of Armenia's state authorities for the proposed acquisition of Fedilco[146]. Risk and Compliance - As of September 30, 2024, the Company was not subject to any market or interest rate risk, with investments in U.S. government securities and money market funds[155]. - The Company has identified several potential targets in the telecommunications industry, including a target in Armenia[139]. Financial Reporting - The Company is preparing financial statements for the fiscal year ended December 31, 2023, and the three months ended March 31, 2024, and June 30, 2024[140].
Metal Sky Star Acquisition Corporation(MSSAU) - 2024 Q3 - Quarterly Report