Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $974,311, primarily from interest earned on marketable securities held in the Trust Account amounting to $1,215,702, offset by general and administrative costs of $241,391[110]. - As of March 31, 2025, the company held marketable securities in the Trust Account valued at $117,142,639, including approximately $1,567,639 of interest income[116]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on December 5, 2024, raising gross proceeds of $100,000,000 from the sale of 10,000,000 Units at $10.00 per Unit[111]. - The company incurred $3,305,995 in costs related to the Initial Public Offering, which included a cash underwriting fee of $2,300,000[113]. - Following the IPO, the company placed $100,500,000 in the Trust Account, which includes net proceeds from the sale of Units and a portion of the Private Placement Units[113]. Financial Position - As of March 31, 2025, the company had cash of $655,630 and a working capital deficit of $72,805[117]. - The company has no off-balance sheet financing arrangements or long-term liabilities, except for an agreement to pay $10,000 per month for certain administrative support services[120][121]. Future Financing and Plans - 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[119]. - The company plans to use funds in the Trust Account primarily to complete its Business Combination and may withdraw interest to pay taxes[116]. - 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 Business Combination[123].
Tavia Acquisition Corp(TAVI) - 2025 Q1 - Quarterly Report