Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $33,435,070, primarily due to a $30,000,000 income related to the termination of the Business Combination Agreement[191]. - For the nine months ended September 30, 2024, the company had a net income of $37,091,762, which included $30,000,000 from the termination of the Business Combination Agreement and $3,835,521 in interest income on cash held in the Trust Account[191]. - The company experienced a net loss of $1,707,201 for the three months ended September 30, 2023, with a significant loss of $3,292,000 on the change in fair value of warrant liabilities[192]. Trust Account and Financing - As of September 30, 2024, the company had $107,909,011 remaining in the Trust Account after shareholders exercised their right of redemption totaling $268,092,426[198]. - The company received a Termination Amount of $30 million from the terminated Business Combination Agreement, distributing $0.60 per Class A Ordinary Share to shareholders[189]. - For the nine months ended September 30, 2024, the company utilized $22,292,454 in financing activities, primarily for payments made to shareholders for redemption[195]. - The company has available $10,633,602 of proceeds held outside the Trust Account as of September 30, 2024, to identify and evaluate target businesses[200]. - The net proceeds from the IPO and Private Placement Warrants amounted to $351,900,000, held in the Trust Account, after deducting offering expenses and underwriting commissions[198]. - The company has entered into multiple non-interest bearing loans totaling up to $7,200,000 to provide additional working capital and fund Extension Contributions into the Trust Account[203]. - As of September 30, 2024, the total amount outstanding under the Loans was $6,900,000, an increase from $4,750,000 as of December 31, 2023[204]. - Approximately $24.4 million was withdrawn from the Trust Account to fund the redemption of 2,159,610 Class A ordinary shares at a price of $11.32 per share[205]. - The maximum aggregate Extension Contributions to the Trust Account shall not exceed $900,000 based on up to six monthly contributions[204]. Business Combination and Future Outlook - The Company held a Third Extraordinary General Meeting on May 21, 2024, where shareholders approved an extension of the initial Business Combination deadline from June 17, 2024, to December 17, 2024[205]. - The Company expects to incur significant expenses related to legal, accounting, and other costs associated with the Business Combination[206]. - Management has raised substantial doubt about the Company's ability to continue as a going concern if the Business Combination is not consummated[209]. - Various economic factors, including inflation and geopolitical instability, may adversely affect the Company's results of operations and ability to complete the Business Combination[227]. Risk and Compliance - The Company has no off-balance sheet arrangements as of September 30, 2024[212]. - The deferred underwriting fees accrued as of December 31, 2023, were $12,075,000, which was reversed following the resignation of an underwriter and termination of the Business Combination[216][215]. - As of September 30, 2024, the company was not subject to any material market or interest rate risk[228]. - The net proceeds from the IPO and Private Placement were invested in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds[228]. - Prior to December 14, 2023, funds in the Trust Account were held only in U.S. government treasury obligations or money market funds[229]. - On December 14, 2023, the company instructed to liquidate U.S. government treasury obligations and hold all funds in cash in an interest-bearing account[229]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[232]. - Due to the short-term nature of investments, there was no material exposure to interest rate risk[230]. Accounting and Disclosure - The Company plans to adopt ASU No. 2023-09 for the fiscal year beginning January 1, 2025, which will enhance income tax disclosures[225].
Investcorp Europe Acquisition I(IVCB) - 2024 Q3 - Quarterly Report