Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $507,193, with $797,218 in interest income offsetting $290,025 in formation and administrative expenses[110]. - 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[127]. - 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[128]. 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[107]. - The trust account held $177,011,962 of the initial public offering proceeds and interest earned as of September 30, 2022[113]. - 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[121]. Cash and Working Capital - As of September 30, 2022, the company had cash outside its trust account amounting to $556,544 available for working capital needs[112]. - The company had $449,765 of outstanding borrowings under a working capital loan as of September 30, 2022[114]. - The company expects to incur approximately $280,000 for legal, accounting, and other expenses related to business combinations prior to the initial business combination[115]. Business Operations - The company has not commenced any operations and will not generate operating revenues until after the completion of an initial business combination[109]. - If the company does not complete a business combination by May 8, 2023, it will commence automatic winding up, dissolution, and liquidation[118]. Accounting Standards and Regulations - The company is assessing the impact of ASU No. 2020-06 on its financial position, which simplifies accounting for convertible instruments and is effective for fiscal years beginning after December 15, 2023[130]. - ASU 2022-03 clarifies that contractual sales restrictions are not considered in measuring equity securities at fair value, effective for fiscal years beginning after December 15, 2023[131]. - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[133]. Risks and Uncertainties - Various factors, including economic downturns and geopolitical instability, may adversely affect the company's results of operations and ability to complete an initial business combination[136]. - As of September 30, 2022, the company was not subject to any market or interest rate risk, with net proceeds from the IPO invested in U.S. government treasury obligations[137]. - The company has not engaged in any hedging activities since inception and does not expect to do so in the future[138]. Administrative Agreements - The company has entered into an administrative services agreement, paying $3,000 per month for office space and administrative support[120].
Finnovate Acquisition (FNVT) - 2022 Q3 - Quarterly Report