IPO and Merger Details - Aimfinity's IPO generated gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[145]. - Aimfinity entered into a merger agreement with Docter Inc. on October 13, 2023, which will result in PubCo becoming a publicly traded company[148]. - The merger agreement includes provisions for the board of directors composition post-merger, with three directors from Docter and two from the Sponsor[153]. - Up to 2.5 million additional shares may be issued to Docter stockholders based on sales performance, with 1 million shares contingent on selling at least 30,000 devices in fiscal year 2024[151]. Financial Performance and Position - The company has incurred losses since inception and currently has no revenue, relying on securities sales and loans for funding[147]. - As of September 30, 2025, the Company reported a net income of $117,673, consisting of $630,505 in interest income offset by operating costs of $512,832[178]. - The Company reported a working capital deficiency of $2,785,815 as of September 30, 2025[187]. - The Company has cash of $3,517 as of September 30, 2025[187]. - Management has raised substantial doubt about the Company's ability to continue as a going concern due to the inability to complete an initial business combination by the Combination Deadline[188]. Trust Account and Share Redemptions - A total of 4,076,118 AIMA New Units, or approximately 50.9%, were redeemed by shareholders during the first extraordinary general meeting[155]. - During the second extraordinary general meeting, 860,884 AIMA New Units, or about 21.7%, were redeemed, resulting in approximately $9.68 million distributed from the Trust Account[158]. - Approximately 1,996,522 AIMA New Units, or about 64.2% of the public AIMA New Units, were redeemed, resulting in $23,778,577 distributed from the Trust Account[160]. - A total of 572,989 AIMA New Units, or about 51.3% of the public AIMA New Units, were redeemed during the Fourth EGM, leading to $7,357,178.76 distributed from the Trust Account[162]. Business Combination and Extensions - The company extended its deadline to complete an initial business combination to April 28, 2024, by depositing $765,000 into the Trust Account[154]. - The Company approved the Third Charter Amendment allowing an extension of the Combination Deadline to October 28, 2025, with a total of $502,414.2 deposited for nine one-month extensions[159]. - The Fourth Charter Amendment was approved, extending the Combination Deadline to July 28, 2025, with $500 required for each one-month extension[161]. - The company has the option to extend the combination deadline up to nine times, each by one month, under the amended articles of association[156]. Funding and Loans - The Company intends to use funds held outside the Trust Account for identifying and evaluating target businesses and performing due diligence[182]. - The Sponsor may provide loans to fund working capital deficiencies or transaction costs related to the initial business combination[183]. - The Company issued a promissory note to I-Fa Chang for up to $500,000 for working capital, which is non-interest bearing and due upon the consummation of the initial business combination[184]. - As of September 30, 2025, the Company had borrowings of $1,539,134 under working capital loans[186]. Transaction Costs and Underwriting - The Company incurred $5,117,607 in transaction costs related to the IPO, including $1,610,000 in underwriting fees and $2,817,500 in deferred underwriting fees[180]. - The underwriters received a cash underwriting discount of $1,610,000 at the closing of the IPO[192]. - The deferred underwriting commission of $2,817,500 will be payable upon the consummation of an initial business combination[192]. - The Company has entered into Discharge Agreements with underwriters to settle the deferred underwriting commission with cash and shares[193]. Accounting and Financial Reporting - The Company is evaluating the impact of adopting ASU No. 2024-03 on its financial statements, which requires expanded expense disclosures[195]. - Management does not believe that any recently issued accounting standards will have a material effect on the Company's financial statements[196].
Aimfinity Investment Corp. I(AIMAU) - 2025 Q3 - Quarterly Report