Financial Performance - For the nine months ended September 30, 2023, the company reported a net income from operations of $1,011,750, which included interest income of $3,134,227 and a loss from the change in the fair value of warrants of $402,811[141]. - As of September 30, 2023, the company had cash held in the trust account amounting to $33,840,860, with interest income of $3,134,227 generated for the nine months ended September 30, 2023[149]. - The company had cash of $278,839 held outside the trust account as of September 30, 2023, intended for operational expenses related to identifying and evaluating target businesses[151]. - As of September 30, 2023, the Company incurred $30,000 in operating costs related to an administrative support agreement, consistent with the previous year[162]. - The Company has no long-term debt or off-balance sheet arrangements as of September 30, 2023[161]. Initial Public Offering - The company completed its initial public offering on March 2, 2021, raising gross proceeds of $300 million from the sale of 30 million units at $10.00 per unit[133]. - The underwriters exercised their over-allotment option, generating an additional $45 million from the sale of 4.5 million over-allotment units[135]. - Offering costs related to the initial public offering were allocated between common stock and public warrants, with costs for public warrants expensed immediately[169]. Business Combination and Operations - The company plans to use substantially all funds in the trust account to complete its initial business combination, with remaining proceeds allocated for working capital[150]. - The Company has until December 2, 2023, to complete an initial business combination, or it will redeem 100% of outstanding public shares for a pro rata portion of the funds in the trust account[158]. - The company anticipates that its cash outside the trust account may not be sufficient to operate until the end of the Combination Period if no business combination is completed[156]. - Management has expressed substantial doubt about the Company's ability to continue as a going concern due to uncertainty in financing and potential mandatory liquidation[160]. - The Company plans to cease paying monthly fees for administrative support upon the completion of the initial business combination or liquidation[162]. Financial Instruments and Liabilities - The Company has 11,796,667 common stock warrants classified as derivative warrant liabilities, which are measured at fair value and adjusted at each reporting period[167]. - The fair value of public warrants was initially measured using Monte-Carlo simulations and subsequently based on trading price after they commenced trading[167]. - The Company has not made any adjustments to asset or liability carrying amounts in anticipation of potential liquidation after the Combination Period[160]. Future Outlook - The company has focused its search for business combination targets primarily in the Pan-Eurasian region, including Western Europe, Eastern Europe, and the Middle East[132]. - Management does not anticipate that recently issued accounting pronouncements will materially affect the financial statements[172].
TWELVE SEAS INVE(TWLVU) - 2023 Q3 - Quarterly Report