Financial Performance - As of November 30, 2023, the company reported a net income of $3,673,548, an increase from $906,058 in the previous year, driven by interest earned on investments held[59]. - For the year ended November 30, 2023, cash used in operating activities was $804,295, compared to $515,885 in the previous year[61]. - The company incurred formation and operating costs of $1,343,438 for the year ended November 30, 2023[59]. - The company has not generated any operating revenues to date and does not expect to do so until after completing the initial business combination[58]. Cash and Investments - The company had cash of $146,933 outside of Trust Accounts as of November 30, 2023, which will be used for identifying and evaluating target businesses[64]. - The company has investments of $82,949,890 held in Trust Accounts, intended for completing the initial business combination[62]. - The company has borrowed $650,000 under working capital loans as of November 30, 2023, with the potential for up to $1,500,000 to be convertible into units[65]. Business Operations - The company completed its Initial Public Offering on February 11, 2022, raising gross proceeds of $115,000,000 from 11,500,000 Units sold at $10.00 per Unit[60]. - Shareholders elected to redeem an aggregate of 4,004,330 ordinary shares during the Extraordinary General Meeting[57]. - The company has the right to extend the period to complete a business combination by up to twelve times for an additional month each time, with a cost of $160,000 or $0.055 per Class A ordinary share[56].
Evergreen (EVGR) - 2023 Q4 - Annual Report