Business Combination - The proposed business combination with Bradbury Capital Holdings Inc. has an aggregate consideration of $1,100,000,000, payable in the form of 110,000,000 newly issued PubCo Ordinary Shares valued at $10.00 per share [130]. - The business combination is expected to close in the second quarter of 2025, pending shareholder approval and customary closing conditions [131]. - The business has not generated any revenues to date and does not expect to do so until after the completion of the initial business combination [133]. Financial Performance - For the three months ended February 28, 2025, the company reported a net income of $67,961, consisting of interest earned on cash and investments held of $251,054, partially offset by formation and operating costs of $182,093 [134]. - For the three months ended February 29, 2024, the company had a net income of $220,219, with interest earned on investments held of $440,409, partially offset by formation and operating costs of $220,190 [134]. - Cash used in operating activities for the three months ended February 28, 2025, was $90,676 [136]. Cash and Investments - As of February 28, 2025, the company had cash and investments of $7,227,936 held in the Trust Accounts, which will be used to complete the initial business combination [138]. - As of February 28, 2025, the company had cash of $16,672 outside of the Trust Accounts, intended for identifying and evaluating target businesses [139]. Going Concern - The company is within 12 months of its mandatory liquidation, raising substantial doubt about its ability to continue as a going concern [142]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit [135].
Technology & Telecommunication Acquisition Corporation(TETEU) - 2025 Q1 - Quarterly Report