IPO and Fundraising - The company completed its Initial Public Offering on November 5, 2021, raising gross proceeds of $115 million from the sale of 11,500,000 Units at $10.00 per Unit[176]. - The Anchor Investors purchased approximately $60.8 million of Units in the Initial Public Offering, with no obligation to vote in favor of the initial Business Combination[215]. Business Combination - The Flybondi Business Combination Agreement was entered into on October 19, 2023, with a total consideration of up to $300 million, valued at $10.00 per share[183][187]. - The company held a special meeting on March 28, 2025, where stockholders approved the Business Combination Agreement and related proposals[187][189]. - The Flybondi Business Combination includes a merger where the company will continue as a wholly-owned subsidiary of FB Parent, with all outstanding securities converted into FB Parent securities[186]. - The company may seek further extensions of the Combination Period, which would require stockholder approval and could decrease the amount held in the Trust Account[194]. Financial Performance - As of March 31, 2025, the company had not commenced any operations and generated no revenues, with a net loss of $563,289 for the three months ended March 31, 2025, compared to a net loss of $260,035 for the same period in 2024[196][197]. - The company reported operating costs of $588,285 and a provision for income tax of $11,342 for the three months ended March 31, 2025[197]. - As of March 31, 2025, the company had $81,141 in its operating bank account and a working capital deficit of $8,933,445[199]. - Total administrative fees for the three months ended March 31, 2025, were $60,000, with $120,000 reported as due to the Sponsor[212]. Trust Account and Extensions - An aggregate of $21,760 has been deposited into the Trust Account to extend the Combination Period to June 5, 2025[180]. - The company extended its Combination Period from November 5, 2024, to November 5, 2025, with stockholders redeeming 835,672 Public Shares for approximately $9.54 million[193]. - The company issued the First Extension Promissory Note for up to $630,000 and agreed to make monthly deposits of $105,000 into the Trust Account until November 3, 2023[201]. - The company has deposited an aggregate of $1,043,903 to fund the Trust Account under the Extension Promissory Notes through March 31, 2025[205]. Going Concern - The company faces substantial doubt about its ability to continue as a going concern if it cannot complete a Business Combination by November 5, 2025[210]. Securities and Listings - The company’s securities were delisted from Nasdaq and are now quoted on the OTC Pink Market under the symbols "INTE," "INTEW," and "INTEU"[182]. - The company has no long-term debt obligations or capital lease obligations[211].
Integral Acquisition Corporation 1(INTEU) - 2025 Q1 - Quarterly Report