IPO and Financial Overview - Aimfinity completed its IPO on April 28, 2022, raising gross proceeds of $80.5 million from the sale of 8,050,000 units at $10.00 per unit[145]. - 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]. Business Combination and Mergers - 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 board of directors of PubCo will consist of five directors post-merger, with three designated by Docter and two by the Sponsor[153]. - Aimfinity has no assurance that its plans for an initial business combination will be successful[144]. - 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 allows for an extension of the Combination Deadline to July 28, 2025, with $500 required for each one-month extension[161]. Shareholder Actions and Redemptions - As of the First EGM, approximately 50.9% of AIMA New Units were redeemed, resulting in the cancellation of 4,076,118 units[155]. - At the Second EGM, 21.7% of AIMA New Units were redeemed, leading to approximately $9.68 million being 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]. - Up to 2,500,000 additional shares may be issued to Docter stockholders as contingent post-closing earnout consideration based on device sales targets[151]. - 1,000,000 earnout shares will be issued if PubCo sells at least 30,000 devices in fiscal year 2024, and 1,500,000 shares for 40,000 devices in fiscal year 2025[151]. Financial Position and Operations - The company has incurred losses since inception and currently has no revenue, relying on the sale of securities and loans for funding[147]. - The Company held $14,294,569 in the Trust Account as of September 30, 2025, invested in U.S. Treasury Securities, intended for the Initial Business Combination[181]. - The Company reported a working capital deficiency of $2,785,815 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]. - The Company has not generated any operating revenues to date, with activities focused on preparing for the IPO and identifying a target for the Initial Business Combination[177]. - The Company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and related due diligence[182]. - As of September 30, 2025, the Company had borrowings of $1,539,134 under working capital loans[186]. - The Company issued promissory notes totaling $2,500,000 for working capital, with $1,539,134 drawn as of September 30, 2025[169]. Accounting and Regulatory Matters - 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]. - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[197]. - The Company has no off-balance sheet financing arrangements as of September 30, 2025[189].
AIMFINITY(AIMBU) - 2025 Q3 - Quarterly Report