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[130]. - A private placement generated an additional $4.92 million from the sale of 492,000 units at the same price, totaling net proceeds of $82.11 million deposited in a trust account[130]. - 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[155]. - The company issued promissory notes totaling up to $2,500,000 to I-Fa Chang for working capital, which are non-interest bearing and unsecured[159][160][161]. Business Combination - On October 13, 2023, the company entered into a Business Combination Agreement with Docter Inc., aiming to merge and create a publicly traded entity[133]. - The Business Combination will involve the issuance of 6 million PubCo Ordinary Shares valued at $60 million, with potential additional earnout shares based on future sales performance[135][136]. - The company has the option to extend the deadline for completing the initial business combination up to nine months, with a total of $765,000 deposited for extensions[140]. - The second extraordinary general meeting approved an extension to January 28, 2025, with a payment structure of $60,000 or $0.035 per public share for each one-month extension[141][142]. - The company has made six payments for the second extension, totaling $360,000, to extend the combination deadline[142]. - The company has entered into a backstop agreement to ensure net tangible assets of at least $5,000,001 upon closing of the Business Combination[150]. - The company has no assurance that its plans for the Initial Business Combination will be successful, reflecting inherent risks and uncertainties[129]. Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $24,789, with interest income of $464,528 and operating costs of $439,739[152]. - For the nine months ended September 30, 2024, the company had a net income of $902,163, consisting of interest income of $1,603,118 and operating costs of $700,955[153]. - As of September 30, 2024, the company held $36,327,836 in the Trust Account, which is invested in money market funds and U.S. Treasury Securities[156]. - As of September 30, 2024, the company had a working capital deficiency of $2,972,900 and cash of $4,895[163]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its Initial Business Combination[151]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern if the Initial Business Combination is not completed by the Combination Deadline[164]. - The company has no off-balance sheet financing arrangements as of September 30, 2024[165].
AIMFINITY(AIMBU) - 2024 Q3 - Quarterly Report