Financial Performance - The company reported a net income of $864,290 for the three months ended September 30, 2023, primarily from interest earned on investments held in the trust account [93]. - Total interest earned on investments held in the trust account amounted to $1,066,459, offset by general and administrative expenses of $202,169 for the same period [93]. - The company incurred general and administrative expenses totaling $211,650 from inception through September 30, 2023 [92]. Cash and Investments - As of September 30, 2023, the company had $365,055 in cash held outside of the trust account and working capital of $714,538 [100]. - Following the Initial Public Offering, $232,300,000 was placed in a trust account, which is intended to be used for the initial business combination [98]. - The company intends to use substantially all funds in the trust account to complete its initial business combination and may withdraw interest to pay taxes [99]. Initial Public Offering - The company generated gross proceeds of $230,000,000 from its Initial Public Offering of 23,000,000 units, including 3,000,000 units from the underwriters' over-allotment option [96]. Business Combination Timeline - The company has until July 28, 2025, to complete a business combination, after which mandatory liquidation will occur if not completed [101]. Operational Status - Net cash used in operating activities from inception through September 30, 2023, was $646,133, with changes in operating assets and liabilities using $434,483 of cash [95]. - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and preparing for the Initial Public Offering [92].
Haymaker Acquisition 4(HYAC) - 2023 Q3 - Quarterly Report