Financial Performance - The company reported a net income of $617,298 for the year ended November 30, 2024, compared to a net income of $179,619 for the year ended November 30, 2023[75][76]. - Interest income earned on cash and investments held was $1,675,709 for the year ended November 30, 2024, down from $2,024,071 for the year ended November 30, 2023[75][76]. - Cash used in operating activities was $731,569 for the year ended November 30, 2024, compared to $781,376 for the year ended November 30, 2023[78][79]. Cash and Investments - The company had cash and investments of $31,665,013 held in Trust Accounts as of November 30, 2024[80]. - As of November 30, 2024, the company had cash of $25,348 outside of the Trust Accounts, intended for identifying and evaluating target businesses[81]. Business Combination - The total consideration for the proposed Acquisition Merger is $1,100,000,000, payable in the form of 110,000,000 newly issued shares valued at $10.00 per share[71]. - The Business Combination is expected to close in the second quarter of 2025, pending shareholder approval and customary closing conditions[72]. - The company has incurred significant costs in pursuit of its initial Business Combination and cannot assure the success of these plans[73]. Going Concern - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[85]. Initial Public Offering - The company completed its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit, generating gross proceeds of $115,000,000[77].
Technology & Telecommunication Acquisition .(TETE) - 2024 Q4 - Annual Report