Financial Performance - For the three months ended September 30, 2024, the company reported a net loss of $229,238, with operating costs of $614,608 and interest earned from marketable securities of $965,870 [126]. - For the nine months ended September 30, 2024, the company had a net income of $1,786,538, with operating costs of $1,127,875 and interest earned from marketable securities of $3,785,163 [127]. - The company incurred cash used in operating activities of $683,575 for the nine months ended September 30, 2024 [131]. - The company reported a loss due to change in fair value of warrants of $870,750 for the nine months ended September 30, 2024 [127]. - The company has not generated any operating revenues to date and only incurs expenses related to being a public company [125]. Cash and Working Capital - As of September 30, 2024, the company had cash of $73,202 and a working capital deficit of $3,122,377 [128]. - As of September 30, 2024, the company held $17,169,326 in cash within the Trust Account, intended for use in completing a Business Combination [133]. - The company entered into a non-interest bearing convertible unsecured loan of up to $3,000,000 from the Sponsor to provide additional working capital [141]. - The Sponsor agreed to loan the Company up to $1,200,000 under a non-interest bearing convertible promissory note, with an outstanding principal balance of $1,300,000 as of September 30, 2024 [143]. Business Combination and IPO - The company completed its Initial Public Offering on May 12, 2022, raising gross proceeds of $225 million from the issuance of 22,500,000 Class A Public Shares at $10.00 per share [130]. - The company has until May 12, 2025, to consummate a Business Combination, or it will face mandatory liquidation [136]. Shareholder Redemptions - At the Extraordinary General Meeting on August 11, 2023, shareholders redeemed 16,085,554 Class A ordinary shares at approximately $10.74 per share, totaling $172,774,717 in redemption payments [148]. - Following the redemption on August 11, 2023, the Company had 9,789,446 Class A ordinary shares outstanding [148]. - On August 12, 2024, shareholders redeemed 8,314,066 Class A ordinary shares at approximately $11.40 per share, resulting in an aggregate redemption amount of approximately $95,447,584 [149]. - After the redemption on August 12, 2024, the Company had 1,475,380 Class A ordinary shares outstanding [149]. Accounting Policies - The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its financial statements [154]. - The Company expects the adoption of ASU 2023-09 to result in disclosure changes only, effective for fiscal 2025 [155]. - The Company has identified critical accounting estimates that affect reported amounts of assets, liabilities, revenues, and expenses [146]. - The Company accounts for Class A ordinary shares subject to possible redemption as temporary equity, reflecting uncertain future events [147].
Investcorp AI Acquisition Corp(IVCAU) - 2024 Q3 - Quarterly Report