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] - The Class A ordinary shares subject to possible redemption are presented at a redemption value of $86,667,209 as temporary equity[49] Initial Public Offering (IPO) - 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[30] - The Company has raised $86,250,000 from its Initial Public Offering, with $10.00 per Unit[34] - 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] - An additional 1,125,000 Units were purchased by underwriters to cover over-allotments, generating an extra $11,250,000 in gross proceeds[68] - The Company completed its IPO on February 14, 2025, raising gross proceeds of $86,250,000 from the sale of 8,625,000 units at $10.00 per unit[102] - 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] - Cash flows from operating activities showed a net cash used of $218,301 for the three months ended March 31, 2025[24] - Operating costs for the three months ended March 31, 2025, amounted to $40,423, which included $2,501 incurred under an administrative services agreement[108][110] - The provision for income taxes was deemed to be de minimis for the period from May 31, 2024, through March 31, 2025[54] - The net income per common share for Class A ordinary shares was $0.05 for the three months ended March 31, 2025[56] Business Operations - 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 a merger or acquisition as of the reporting date[27] - 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 Company has not experienced losses on its cash accounts, which may exceed the Federal Depository Insurance Coverage of $250,000[51] - The Company has determined that it operates in a single operating segment, and the CODM reviews financial results on a consolidated basis[115] - The Company believes that available funds will be sufficient to operate for at least the next 12 months, but additional funding may be required if costs exceed estimates[106] - The Company has not commenced operations as of March 31, 2025, and will not generate operating revenues until a business combination is completed[101] Financing and Costs - 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 underwriters are entitled to a deferred underwriting commission of $3,450,000, payable only if the Company successfully completes a Business Combination[83] - The Company incurred significant costs in pursuit of its financing and acquisition plans for a Business Combination[39] - The Sponsor provided a non-interest bearing loan of $500,000, expected to be repaid upon the consummation of a business combination[103] - The Company incurred $2,501 in administrative services fees related to a services agreement with the Sponsor as of March 31, 2025[73] Regulatory and Market Conditions - The Company is classified as an "emerging growth company," allowing it to take advantage of certain reporting exemptions[43] - The ongoing geopolitical instability, particularly from the Russia-Ukraine conflict, poses risks that could impact the Company's search for a Business Combination[78] - The Company is evaluating the impact of new accounting standards on its financial statements, including ASU 2023-09 related to income tax disclosures[65] - The Company has a 15-month period to complete a business combination from the closing of the IPO, extendable to 18 months under certain conditions[33] - The Company has a 15-month Combination Period to complete a Business Combination, extendable to 18 months[71]
Maywood Acquisition Corp-A(MAYA) - 2025 Q1 - Quarterly Report