Financial Performance - For the three-month period ended May 31, 2022, the company reported a net loss of $67,214, consisting of formation and operating costs of $156,788 and interest earned on marketable securities of $89,574[108]. - For the six-month period ended May 31, 2022, the company had a net loss of $119,934, with formation and operating costs totaling $209,781 and interest earned on marketable securities amounting to $89,847[108]. - The company incurred operating expenses of $330,886 for the six-month period ended May 31, 2022[111]. Initial Public Offering - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units at $10.00 per unit[110]. Investments and Cash Position - As of May 31, 2022, the company held investments of $116,814,846 in the Trust Account, which will be used to complete its initial Business Combination[111]. - The company had cash of $486,228 outside the Trust Account as of May 31, 2022, intended for identifying and evaluating target businesses[112]. Liabilities and Fees - The company has no long-term debt or significant liabilities, except for a monthly fee of up to $10,000 to the Sponsor for administrative support[116]. - The underwriters are entitled to a deferred fee of $4,025,000, payable only if the company completes a Business Combination[117]. Future Funding - The company does not currently anticipate needing to raise additional funds for operating expenditures prior to its initial Business Combination[114]. - As of May 31, 2022, the company had no off-balance sheet arrangements[119].
Evergreen (EVGR) - 2022 Q2 - Quarterly Report