Globalink Investment(GLLI) - 2023 Q4 - Annual Report

Financial Performance - As of December 31, 2023, the company reported a net income of $1,320,324, primarily from interest income of $3,090,407 and a change in fair value of warrant liabilities of $4,389, offset by operating expenses of $991,868[277]. - As of December 31, 2023, cash used in operating activities was $1,402,478, with net income impacted by interest earned on cash and investments held in the trust account[285]. - The company had $79,073 and $81,763 of cash held outside the trust account as of December 31, 2023, and 2022, respectively, intended for evaluating target businesses and due diligence[289]. - As of December 31, 2023, the total amount owed in connection with promissory notes was $1,757,255, including accrued interest[311]. - The Company has no long-term debt, capital lease obligations, or long-term liabilities as of December 31, 2023[302]. - The Company has no off-balance sheet arrangements as of December 31, 2023[301]. Investments and Trust Account - The company had investments held in the trust account amounting to $28,668,218 as of December 31, 2023, down from $118,408,969 in 2022[287]. - The company intends to use substantially all funds held in the trust account to complete its business combination, with remaining proceeds allocated for working capital[288]. Business Combination and Extensions - On November 28, 2023, stockholders approved an extension of the deadline for completing a business combination from December 9, 2023, to December 9, 2024, with a deposit requirement of $60,000 for each extension[273]. - The company has extended the termination date four times under its current amended certificate of incorporation, allowing for a total of nine extensions since the IPO[274]. - The Company has until April 9, 2024, to consummate a business combination, with a possible extension to December 9, 2024[299]. - The Company intends to complete a business combination before the mandatory liquidation date[299]. Shareholder Actions - On March 6, 2023, stockholders redeemed 6,756,695 shares for approximately $69.92 million at a price of $10.35 per share[269]. Compliance and Notifications - The company was notified by Nasdaq on October 16, 2023, regarding non-compliance with the requirement of maintaining at least 400 total holders for continued listing[272]. Promissory Notes and Financing - The Company entered into multiple promissory notes with Public Gold Marketing Sdn Bhd, totaling $1,450,000 for extension fees and working capital, all of which had been fully borrowed by December 31, 2023[292][293][294][295][296]. - The promissory notes bear an interest rate of 6% per annum and are repayable upon consummation of an initial business combination[292][293][294][295][296]. - An affiliate of the Sponsor advanced $390,000 to the Company, which is reflected in "Due to Affiliate" on the consolidated balance sheet as of December 31, 2023[297]. IPO and Underwriting - The company generated gross proceeds of $100,000,000 from its IPO by selling 10,000,000 units at an offering price of $10.00 per unit[280]. - The underwriters are entitled to a deferred underwriting discount of $4,025,000 from the closing of the IPO, payable only if the Company completes an initial business combination[304].