Financial Performance - The company had a net income of $1,768,961 for the year ended November 30, 2024, compared to a net income of $3,673,548 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]. Capital and Investments - 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]. - As of November 30, 2024, the company had investments of $55,412,140 held in the Trust Accounts[77]. - As of November 30, 2024, the company had cash of $4,553 outside of the Trust Accounts[79]. - The company has borrowed $1,483,500 under working capital loans as of November 30, 2024[80]. Business Operations - The aggregate consideration for the Acquisition Merger is $105,000,000, payable in the form of 10,500,000 newly issued PubCo Ordinary Shares valued at $10.00 per share[72]. - The shareholders elected to redeem an aggregate of 4,004,330 ordinary shares in connection with the General Meeting on July 18, 2023[65]. - 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]. - The company may need to raise additional funds to meet the expenditure required for operating its business prior to the initial business combination[81].
Evergreen Corporation(EVGRU) - 2024 Q4 - Annual Report