Metal Sky Star Acquisition Corporation(MSSAU) - 2025 Q1 - Quarterly Report

Financial Performance - As of March 31, 2025, the company reported a net loss of $(153,178) compared to a net income of $297,020 for the same period in 2024[113]. - The company has an accumulated deficit of $7,549,542 and a working capital deficit of $4,671,337 as of March 31, 2025, raising substantial doubt about its ability to continue as a going concern[114]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 Units on April 5, 2022[116]. - A total of $115,000,000 was placed in the Trust Account after the Initial Public Offering, with transaction costs amounting to $5,704,741[117]. Trust Account and Cash Management - As of March 31, 2025, the company had investments held in the Trust Account of $6,898,161, which will be used to complete a Business Combination[119]. - The company has no cash held outside of the Trust Account as of March 31, 2025, and intends to use these funds primarily for identifying and evaluating target businesses[120]. Financing and Debt - The company issued a promissory note with a principal amount of up to $3,000,000 to fund transaction costs, with a balance of $2,972,403 as of March 31, 2025[126]. Business Combination and Extensions - The company held an Extraordinary General Meeting on October 30, 2023, where shareholders approved an extension for consummating a business combination to August 5, 2024[129]. - The company plans to extend the date for consummating a business combination to January 5, 2026, with a reduced extension payment of $25,000 for each one-month extension[133]. Mergers and Acquisitions - On April 12, 2023, Metal Sky entered into a Merger Agreement with Future Dao Group, valuing Future Dao's equity at $350 million, resulting in a share value of $10.00 post-split[134]. - The Merger Agreement was mutually terminated on October 6, 2023, with no fees or expenses required to be paid by either party[135]. - Metal Sky has entered into a non-binding letter of intent for a business combination with Okidoki OÜ, with a total equity value of $120 million for Okidoki[137]. - A letter of intent was signed with Fedilco Group Limited on November 4, 2024, expressing interest in acquiring all shares of Fedilco, which holds an 80% equity interest in Viva Armenia[139]. Risk Management - As of March 31, 2025, the company was not subject to any market or interest rate risk, with net proceeds from its Initial Public Offering invested in U.S. government securities[147].