Technology & Telecommunication Acquisition .(US:TETE)2026-03-09 21:26Financial Performance - The company reported a net loss of $731,371 for the year ended November 30, 2025, with formation and operating costs of $1,131,512 partially offset by interest income of $400,141 [79]. - For the year ended November 30, 2024, the company had a net income of $617,298, consisting of interest earned of $1,675,709, offset by formation and operating costs of $1,058,411 [79]. - Cash used in operating activities for the year ended November 30, 2025, was $342,483, compared to $731,569 for the year ended November 30, 2024 [81][82]. Initial Public Offering - The company completed its Initial Public Offering on January 20, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit [80]. Business Combination - The total consideration for the proposed Acquisition Merger is $1,100,000,000, payable in the form of 110,000,000 newly issued shares valued at $10.00 per share [75]. - The business combination is expected to close in the second quarter of 2026, pending shareholder approval and customary closing conditions [76]. Financial Position and Concerns - As of November 30, 2025, the company had cash and investments of $142,472 held in the Trust Account, intended for the initial business combination [83]. - The company has no off-balance sheet financing arrangements or obligations [88]. - The company is within 12 months of mandatory liquidation, raising substantial doubt about its ability to continue as a going concern [87]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if cash on hand is insufficient [86].