Initial Public Offering - The company completed its initial public offering on November 8, 2021, selling 17,250,000 public units at $10.00 per unit, generating gross proceeds of $172,500,000[111]. - The trust account held $176,216,362 of the initial public offering proceeds and interest earned as of June 30, 2022[111]. - The company has engaged EarlyBirdCapital as an advisor for the initial business combination, with a fee of 3.5% of the gross proceeds of the initial public offering payable upon consummation[119]. Financial Performance - As of June 30, 2022, the company reported a net income of $37,357 for the three months ended June 30, 2022, and a net loss of $123,193 for the six months ended June 30, 2022[108]. - The company reported a net loss per ordinary share, calculated by dividing net loss by the weighted average number of ordinary shares outstanding during the period[124]. - Diluted loss per share is the same as basic loss per share for the period presented, as the effect of warrants is considered anti-dilutive[125]. Cash and Working Capital - The company has cash outside the trust account amounting to $604,188 available for working capital needs as of June 30, 2022[110]. - The company has outstanding borrowings of $449,765 under a working capital loan as of June 30, 2022[112]. Business Combination and Costs - The company expects to incur approximately $280,000 for legal, accounting, and other expenses related to business combinations prior to the initial business combination[113]. - The company anticipates significant costs in pursuing its initial business combination and cannot assure success in raising capital or completing the combination[103]. - If the company does not complete a business combination by May 8, 2023, it will commence automatic winding up, dissolution, and liquidation[116]. Regulatory and Accounting Considerations - The company is assessing the impact of ASU No. 2020-06 on its financial position, results of operations, or cash flows, effective for fiscal years beginning after December 15, 2023[126]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[128]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[130]. Risks and Uncertainties - Various factors, including economic uncertainty and geopolitical instability, may adversely affect the company's results of operations and ability to complete an initial business combination[131]. - As of June 30, 2022, the company was not subject to any market or interest rate risk, with IPO proceeds invested in U.S. government treasury obligations[132]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[133]. Off-Balance Sheet Arrangements - The company had no off-balance sheet arrangements as of June 30, 2022[117].
Finnovate Acquisition (FNVT) - 2022 Q2 - Quarterly Report