Shareholder Actions - Evergreen Corporation held an Extraordinary General Meeting on July 18, 2023, where shareholders approved the redemption of 4,004,330 ordinary shares[122]. Business Combination and Financials - 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[121]. - As of February 28, 2025, Evergreen Corporation had investments of $26,693,780 held in Trust Accounts, intended for the initial business combination[134]. - The company entered into a Merger Agreement on September 5, 2024, with an aggregate consideration of $105,000,000 for the Acquisition Merger, payable in 10,500,000 newly issued shares[128]. - For the three months ended February 28, 2025, the company reported a net income of $83,608, with interest earned on investments of $488,246[131]. - Cash used in operating activities for the three months ended February 28, 2025, was $358,977, compared to $80,776 for the same period in 2024[133]. - As of February 28, 2025, the company had cash of $10,576 outside of Trust Accounts, primarily for identifying and evaluating target businesses[135]. - The company has borrowed $1,848,500 under working capital loans as of February 28, 2025, with up to $1,500,000 of such loans potentially convertible into units[136]. Revenue and Liquidity Concerns - The company has not generated any revenues to date and does not expect to do so until after the completion of its initial business combination[130]. - The liquidity condition raises substantial doubt about the company's ability to continue as a going concern until the consummation of the Business Combination or mandatory liquidation[138].
Evergreen (EVGR) - 2025 Q1 - Quarterly Report