Financial Performance - The company reported a net income of $974,311 for the three months ended March 31, 2025, primarily from interest earned on marketable securities held in the Trust Account, amounting to $1,215,702, after offsetting 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]. - An additional $15,000,000 was raised through the exercise of the over-allotment option, resulting in total gross proceeds of $115,000,000 from the Initial Public Offering and over-allotment[114]. - 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]. - EarlyBirdCapital, Inc. will receive a cash fee of 3.5% of the gross proceeds of the Initial Public Offering upon the consummation of the Business Combination[123]. Financial Position - The company has a working capital deficit of $72,805 as of March 31, 2025, with cash reserves of $655,630[117]. - 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 has no off-balance sheet financing arrangements or long-term liabilities, except for a monthly fee of $10,000 for administrative support services[120][121]. Use of Funds - The company plans to use funds in the Trust Account primarily to complete its Business Combination and may withdraw interest to pay taxes[116].
Tavia Acquisition Corp.(TAVIU) - 2025 Q1 - Quarterly Report