IPO and Fundraising - The Company completed its IPO on October 25, 2024, raising gross proceeds of $75,000,000 from the sale of 7,500,000 units at $10.00 per unit[92]. - A total of $75,187,500 from the IPO and private placement was deposited in a trust account for the benefit of public shareholders[103]. - On November 19, 2024, the underwriters exercised an over-allotment option, generating additional gross proceeds of $10,000,000 from the sale of 1,000,000 units[96]. - The underwriters received a cash underwriting discount of $1,125,000 and will receive a deferred fee of approximately $1,500,000 upon the consummation of a Business Combination[112]. Financial Performance - The Company reported a net loss of $15,833 for the three months ended June 30, 2024, primarily due to formation and operating costs[101]. - As of June 30, 2024, the Company had a working capital deficit of $92,408, with $576,299 in cash held outside the trust account for working capital purposes[105]. - The Company has no revenue and has incurred losses since inception, relying on the sale of securities and loans from the Sponsor to fund operations[95]. Use of Funds - The Company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses for a Business Combination[106]. - The Company plans to repay any loans from insiders or affiliates upon the completion of a Business Combination[107]. Financing Arrangements - The Company has no off-balance sheet financing arrangements as of June 30, 2024[109].
Charlton Aria Acquisition Corp-A(CHAR) - 2024 Q2 - Quarterly Report