Financial Performance - Net income for the three months ended May 31, 2023, was $961,869, compared to a net loss of $67,214 for the same period in 2022, indicating a significant turnaround[13]. - For the six months ended May 31, 2023, the net income was $1,988,997 compared to a net loss of $119,934 for the same period in 2022, indicating a significant improvement[18]. - The Company reported a net income of $776,367 for the three months ended May 31, 2023, compared to a net loss of $36,977 for the same period in 2022[66]. - Basic and diluted net income per ordinary share for the three months ended May 31, 2023, was $0.06, compared to a loss of $0.00 for the same period in 2022[13]. - Basic and diluted net income per redeemable Class A ordinary share was $0.06 for the three months ended May 31, 2023, compared to $(0.00) for the same period in 2022[66]. Assets and Liabilities - Total assets increased to $122,980,522 as of May 31, 2023, up from $118,464,460 as of November 30, 2022, representing a growth of approximately 4.27%[11]. - Cash and marketable securities held in trust account amounted to $122,937,920 as of May 31, 2023, compared to $118,051,563 as of November 30, 2022, showing an increase of approximately 4.9%[11]. - Total current liabilities rose to $2,548,214 as of May 31, 2023, from $21,149 as of November 30, 2022, indicating a substantial increase in short-term obligations[11]. - Total liabilities increased to $6,573,214 as of May 31, 2023, from $4,046,149 as of November 30, 2022, marking an increase of approximately 62.3%[11]. - Accumulated deficit increased to $(6,530,953) as of May 31, 2023, from $(3,633,593) as of November 30, 2022, reflecting ongoing financial challenges[11]. Operational Costs - Loss from operations for the six months ended May 31, 2023, was $597,359, compared to a loss of $209,781 for the same period in 2022, reflecting an increase in operational costs[13]. - Formation and operating costs for the three months ended May 31, 2023, were $431,064, significantly higher than $156,788 for the same period in 2022, indicating increased operational expenditures[13]. - The company has incurred formation and operating costs of $597,359 for the six months ended May 31, 2023[115]. Cash Flow and Financing - Cash flows from operating activities showed a net cash used of $340,291, slightly higher than the $330,886 used in the same period last year[18]. - Net cash provided by financing activities was $2,350,000, down from $117,542,113 in the prior year, highlighting a reduction in financing activities[18]. - As of May 31, 2023, cash at the end of the period was $10,936, a significant decrease from $486,229 at the end of the same period in 2022[18]. - The company invested $2,300,000 in the Trust Account, a substantial decrease from $116,724,999 in the previous year, reflecting a shift in investment strategy[18]. - The Company expects to incur significant costs in pursuit of its acquisition plans and anticipates negative cash flows from operations until a business combination is completed[41]. Business Combination and Future Operations - The company has not commenced any operations and will not generate operating revenues until after completing its initial Business Combination[21]. - The company may need to obtain additional financing to complete its initial business combination or to meet obligations if a significant number of Public Shares are redeemed[121]. - There is substantial doubt about the Company's ability to continue as a going concern for a period of time within one year after the issuance of the financial statements[43]. - The financial statements do not include any adjustments that might result from the uncertainty regarding the Company's ability to raise additional capital or consummate a business combination[43]. - The Company has evaluated its ability to continue as a going concern, raising substantial doubt about its ability to operate until the completion of the Business Combination[122]. Shareholder Information - The Company has 11,500,000 Class A ordinary shares outstanding that are subject to possible redemption[60]. - The Company has authorized the issuance of 479,000,000 Class A ordinary shares, with 532,500 shares issued and outstanding as of May 31, 2023[95]. - The Class B ordinary shares, totaling 2,875,000 issued and outstanding, will convert into Class A ordinary shares on a one-for-one basis upon a Business Combination[98]. - The holders of the Founder Shares have agreed not to transfer their shares until six months after the completion of a Business Combination[78]. Initial Public Offering - The Initial Public Offering generated gross proceeds of $100,000,000, with transaction costs amounting to $8,557,887[22][23]. - The Company generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units at a purchase price of $10.00 per Unit during the Initial Public Offering[73]. - Offering costs associated with the Initial Public Offering totaled $4,532,887, which were charged to additional paid-in capital upon completion[67]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $2,000,000, payable upon the closing of the Initial Public Offering[90]. - The Company granted underwriters a 45-day option to purchase up to 1,500,000 additional Units to cover over-allotments at the Initial Public Offering price[89].
Evergreen (EVGR) - 2023 Q2 - Quarterly Report