Financial Performance - As of May 31, 2022, the company reported a net loss of $61,972 for the three months and $107,482 for the six months, primarily due to operating expenses[95]. - The company has not commenced any operations and has not generated any revenues to date, with future income expected to come from interest on cash and cash equivalents[94]. Capital and Funding - The company raised approximately $87.1 million from its Initial Public Offering, which was placed in a Trust Account for future business combinations[87]. - The company has a working capital of approximately $1.65 million as of May 31, 2022, which is expected to be sufficient to meet its needs until the completion of a business combination or one year from the filing date[92]. - The company incurred a cash underwriting discount of $1,725,000 and a deferred fee of $3,018,750, contingent upon completing a business combination[100]. Business Operations and Strategy - The company has a 12-month period to complete its initial business combination, extendable to 18 months with stockholder approval[88]. - The company has not selected any specific business combination target but intends to focus on opportunities within the real estate industry[83]. - The company has entered into an agreement to pay the Sponsor $10,000 per month for administrative services starting from the listing date on NASDAQ[97]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of May 31, 2022[96][104]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[105].
Alset Capital Acquisition (ACAX) - 2022 Q2 - Quarterly Report