Financial Performance - The company had a net income of $79,518 for the period from March 7, 2024, to December 31, 2024, consisting of interest income of $351,937 offset by operating costs of $272,419[282]. - Cash used in operating activities from inception through December 31, 2024, was $74,275, with a net income of $79,518 impacted by various costs and interest earned[287]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $100,000,000 from the sale of 10,000,000 Units at $10.00 per Unit[283]. - An additional 1,500,000 units were sold through the over-allotment option, generating gross proceeds of $15,000,000, bringing total proceeds from the IPO and over-allotment to $115,000,000[286]. - The company incurred $3,305,995 in IPO-related costs, which included a cash underwriting fee of $2,300,000[285]. Financial Position - As of December 31, 2024, the company held marketable securities in the Trust Account amounting to $115,926,937, including approximately $351,397 of interest income[288]. - As of December 31, 2024, the company had cash of $913,659 and working capital of $168,586, intended for identifying and evaluating target businesses[289]. - The company has no off-balance sheet financing arrangements or long-term liabilities, other than a monthly fee of $10,000 for utilities and administrative support services[292]. Future Financing Needs - The company does not anticipate needing to raise additional funds for operating expenditures for at least the next 12 months, but may require additional financing for a Business Combination[291]. Advisory Engagement - The company has engaged EarlyBirdCapital, Inc. as an advisor for its Business Combination, agreeing to pay a cash fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial Business Combination[295].
Tavia Acquisition Corp(TAVI) - 2024 Q4 - Annual Report