Financial Performance - The company reported a net loss of $3,931 for the three months ended June 30, 2023, and a total net loss of $9,481 since inception on March 7, 2023[93]. - Net cash used in operating activities was $3,981, primarily due to the net loss of $9,481, partially offset by changes in working capital accounts of $5,500[95]. - The company incurred expenses related to being a public entity, including legal and compliance costs, totaling $9,481 since inception[92]. Cash and Capital Structure - As of June 30, 2023, the company had $28,508 in cash held outside of the trust account and a working capital deficit of $274,911[101]. - The company completed its Initial Public Offering on July 28, 2023, raising gross proceeds of $230,000,000 from the sale of 23,000,000 units[97]. - An additional $7,976,000 was raised from the sale of 797,600 Private Placement Units at $10.00 each[98]. - Following the IPO, $232,300,000 was placed in a trust account, with a redemption value of $10.10 per unit[99][109]. Business Combination Plans - The company has until July 28, 2025, to complete a business combination, or it will face mandatory liquidation[102]. - The company has not yet selected a business combination target and has not engaged in any substantive discussions regarding potential targets[91]. - The company intends to use funds in the trust account primarily to complete its initial business combination and for working capital purposes thereafter[100].
Haymaker Acquisition 4(HYAC) - 2023 Q2 - Quarterly Report