IPO and Fundraising - The company completed its IPO on April 28, 2022, raising gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[124]. - A private placement generated an additional $4.92 million from the sale of 492,000 units at $10.00 per unit, totaling net proceeds of $82.11 million deposited in a trust account[124]. - The company incurred $5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[152]. Business Combination - On October 13, 2023, the company entered into a Business Combination Agreement with Docter Inc., which will result in the company being merged into a newly formed subsidiary[127]. - The Business Combination will involve the issuance of 6,000,000 PubCo Ordinary Shares valued at $60 million, with potential additional earnout shares based on future sales performance[129][130]. - The company has extended its deadline to complete an Initial Business Combination to April 28, 2024, with the possibility of further extensions until January 28, 2025[131][139]. - A total of $765,000 was deposited for nine one-month extensions to extend the Combination Deadline from July 28, 2023, to April 28, 2024[138]. Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $438,864, consisting of interest income of $568,384 on investments held in the Trust Account, offset by operating costs of $129,520[150]. - As of March 31, 2024, the company held $44,618,047 in the Trust Account, which is invested in money market funds and U.S. Treasury Securities[153]. - The company has a working capital deficiency of $2,041,465 as of March 31, 2024, with cash of only $3,977[159]. - The company has drawn $816,437 under working capital loans as of March 31, 2024, with no balance repaid to date[148]. - The company has not generated any revenues to date and does not expect to do so until after completing its Initial Business Combination[149]. Going Concern and Financial Position - The company has substantial doubt about its ability to continue as a going concern if it cannot complete an Initial Business Combination by the Combination Deadline[160]. - The company has no off-balance sheet financing arrangements as of March 31, 2024[161]. - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and completing an Initial Business Combination[154]. Shareholder Actions - The company has allowed public shareholders to redeem 860,884 shares, resulting in 3,604,998 Class A ordinary shares remaining post-redemption[134]. Debt and Financing - The company issued a promissory note to I-Fa Chang for up to $500,000 to be used for working capital, which is non-interest bearing and unsecured[147].
AIMFINITY(AIMBU) - 2024 Q1 - Quarterly Report