Financial Performance - For the nine months ended August 31, 2023, the company reported a net income of $3,100,901, compared to $123,532 for the same period in 2022, reflecting a significant increase in interest earned on investments held[116]. - The company incurred operating costs of $582,992 for the nine months ended August 31, 2023[118]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[115]. Investments and Cash Position - The company had investments of $81,558,764 held in Trust Accounts as of August 31, 2023, which are intended to be used for the initial business combination[119]. - As of August 31, 2023, the company had cash of $236 outside of the Trust Accounts, which will be used for identifying and evaluating target businesses[120]. - The company has borrowed $282,000 under working capital loans as of August 31, 2023, with the potential for up to $1,500,000 of such loans to be convertible into units[121]. Shareholder Actions - Shareholders elected to redeem an aggregate of 4,004,330 ordinary shares during the Extraordinary General Meeting held on July 18, 2023[114]. Business Combination and Future Outlook - 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[117]. - The company has the right to extend the period to complete a business combination by up to twelve times for an additional one month each time, with a deposit of $160,000 or $0.055 per Class A ordinary share[113]. - The company faces substantial doubt about its ability to continue as a going concern until the completion of the business combination or liquidation[123].
Evergreen (EVGR) - 2023 Q3 - Quarterly Report