Financial Performance - The company reported a net loss of $37,638 for the period from July 3, 2025, through September 30, 2025, primarily due to general and administrative costs [88]. - The company incurred net cash used in operating activities of $0 for the period from July 3, 2025, through September 30, 2025 [92]. - The company has no operating revenues to date and does not expect to generate any until after completing a Business Combination [87]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on December 15, 2025, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units, including an over-allotment of 3,000,000 Units [90]. - Transaction costs associated with the Initial Public Offering amounted to $14,211,396, which included a cash underwriting fee of $4,000,000 and a deferred underwriting fee of $9,800,000 [91]. - A total of $230,000,000 was placed in the Trust Account following the Initial Public Offering, which will be used to complete the Business Combination [91]. - The underwriters were paid an underwriting discount of $4,000,000 upon closing the Initial Public Offering, with an additional deferred underwriting discount of $9,800,000 due upon the completion of the initial Business Combination [100]. Future Plans and Financial Position - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business [93]. - The company does not anticipate needing to raise additional funds to meet operating expenditures prior to the Business Combination [96]. - The company has no off-balance sheet arrangements or long-term liabilities as of September 30, 2025 [97][98].
ITHAX Acquisition(ITHAU) - 2025 Q3 - Quarterly Report