Financial Position - As of March 31, 2025, total assets amounted to $87,257,528, with cash and cash equivalents at $504,566[10] - Total liabilities were recorded at $3,969,038, with total current liabilities of $19,038[10] - As of March 31, 2025, the accumulated deficit stood at $(3,379,047)[18] - As of March 31, 2025, the Company had $86,667,209 in cash held in the Trust Account[48] - The Company had $504,566 in its operating bank account and working capital of $571,281 as of March 31, 2025[39] IPO and Fundraising - The company completed its initial public offering (IPO) on February 14, 2025, generating gross proceeds of $75,000,000, and an additional $11,250,000 from the over-allotment option, totaling $86,250,000[29][30] - The Company sold 7,500,000 Units at a price of $10.00 per Unit during its Initial Public Offering (IPO), generating gross proceeds of $75,000,000[67] - The underwriters fully exercised their option to purchase an additional 1,125,000 Units, resulting in total gross proceeds of $11,250,000[68] - The Sponsor and underwriters purchased 265,625 Private Placement Units at a price of $10.00 per Unit, totaling $2,656,250[69] - A total of $86,250,000 was deposited into a Trust Account for funding potential business combinations or liquidations if a combination is not completed[104] Income and Expenses - The company reported a net income of $379,937 for the three months ended March 31, 2025, with a basic and diluted net income per share of $0.05 for both Class A and Class B ordinary shares[13][14] - The Company recognized an allocation of net income (loss) of $224,519 for Class A redeemable shares for the three months ended March 31, 2025[56] - The provision for income taxes was deemed de minimis for the period from May 31, 2024, through March 31, 2025[54] - The Company incurred transaction costs of $6,014,985 related to the IPO, which included $2,156,250 in underwriting fees and $3,450,000 in deferred underwriting commissions[32] - The Company incurred $40,423 in formation and operating costs for the three months ended March 31, 2025[108] Cash Flow - Cash flows from operating activities showed a net cash used of $218,301 for the three months ended March 31, 2025[24] - Cash used in operating activities for the three months ended March 31, 2025, was $218,301, primarily due to changes in operating assets and liabilities[105] - The Company believes that available funds held outside the Trust Account will be sufficient to operate for at least the next 12 months[106] Business Combination - The company has a commitment to complete a business combination within 15 months from the IPO closing date, extendable to 18 months under certain conditions[33] - The company has not yet commenced any operations and will not generate operating revenue until after completing its initial business combination[28] - The Company has not selected any target business for its initial business combination as of the reporting date[27] - The Company is required to provide Class A ordinary shareholders the opportunity to redeem their shares upon completion of the Business Combination[36] - The Company has determined that if a Business Combination is not consummated within the required timeframe, there will be a mandatory liquidation[107] Shareholder Information - The Class A ordinary shares sold in the initial public offering are classified as temporary equity, with a redemption value of $86,667,209[49] - The weighted average shares outstanding for Class A redeemable shares was 4,360,955 for the same period[56] - As of March 31, 2025, the Company had 8,890,625 Class A ordinary shares issued and outstanding, including 8,625,000 from the IPO and 265,625 from private placements[87] - The Company is authorized to issue up to 500,000,000 Class A ordinary shares, with 8,890,625 shares outstanding as of March 31, 2025[86] Management and Future Outlook - Management has raised substantial doubt about the Company's ability to continue as a going concern if a Business Combination is not completed within the Combination Period[40] - The geopolitical instability from the Russia-Ukraine conflict and Middle East tensions may impact the Company's search for an initial Business Combination[78] - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[43] - The Company is evaluating the impact of ASU 2023-09 on its financial statements, which requires detailed income tax disclosures effective for fiscal years beginning after December 15, 2024[65] Other Information - The Company incurred significant costs in pursuit of its financing and acquisition plans for a Business Combination[39] - The underwriters are entitled to a deferred fee of $3,450,000, payable only upon the successful completion of a Business Combination[112] - The Sponsor provided a non-interest bearing loan of $500,000, expected to be repaid upon the consummation of a Business Combination[103] - No relevant financial data or performance metrics were found in the provided documents[135][136][137][138][139]
Maywood Acquisition Corp Unit(MAYAU) - 2025 Q1 - Quarterly Report