Financial Performance - The company had a net income of $1,768,961 for the year ended November 30, 2024, compared to $3,673,548 for the year ended November 30, 2023[74]. - The company incurred formation and operating costs of $1,697,682 for the year ended November 30, 2024, up from $1,343,438 for the year ended November 30, 2023[74]. - Cash used in operating activities was $975,880 for the year ended November 30, 2024, compared to $804,295 for the year ended November 30, 2023[76]. Investments and Financing - As of November 30, 2024, the company had investments of $55,412,140 held in the Trust Accounts[77]. - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit[75]. - The company has borrowed $1,483,500 under working capital loans as of November 30, 2024[80]. - The company has no off-balance sheet financing arrangements or obligations[86]. Mergers and Acquisitions - The company entered into a Merger Agreement on September 5, 2024, with an aggregate consideration of $105,000,000 for the Acquisition Merger[72]. Shareholder Activity - Shareholders elected to redeem an aggregate of 4,004,330 ordinary shares on July 18, 2023, and 2,831,713 ordinary shares on May 9, 2024[65][68]. Business Combination - The company has the right to extend the period to complete a business combination by up to twelve times for an additional one month each time, with a deposit of $160,000 or $0.055 per Class A ordinary share[64].
Evergreen (EVGR) - 2024 Q4 - Annual Report