Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $1,362,467, resulting from a gain on investments held in the Trust Account of $1,531,302 and dividend income of $5,794, offset by operating and formation costs of $174,629[113]. - For the nine months ended September 30, 2023, the company had a net income of $1,933,283, with operating and formation costs of $435,549, a gain on investments of $2,355,489, and dividend income of $13,343[114]. Cash and Working Capital - As of September 30, 2023, the company had $424,173 in cash held outside of the Trust Account and a working capital deficit of $164,756[125]. - The company incurred net cash used in operating activities of $748,752 for the nine months ended September 30, 2023, due to changes in working capital of $326,546[117]. Initial Public Offering (IPO) - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 units on May 9, 2023[121]. - The company placed $116,725,000 from the net proceeds of the Initial Public Offering into the Trust Account, which will be invested in U.S. government treasury obligations or money market funds[123]. - Transaction costs related to the Initial Public Offering amounted to $9,088,588, including $2,300,000 in cash underwriting fees and $5,175,000 in deferred underwriting fees[124]. Going Concern and Business Operations - The company anticipates that cash held outside of the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[126]. - The company has until November 9, 2024, to consummate a Business Combination, or it will face mandatory liquidation[126]. - The company has not engaged in any operations or generated any revenues to date, focusing solely on organizational activities and searching for a potential business combination target[112].
Alchemy Investments Acquisition 1(ALCY) - 2023 Q3 - Quarterly Report