Financial Performance - For the year ended December 31, 2023, the company reported a net income of $3,147,500, with operating costs of $2,027,707 and interest earned on marketable securities of $5,175,207[304]. - Cash used in operating activities for the year ended December 31, 2023 was $552,958, with net income offset by interest earned on marketable securities[308]. - The Company does not expect to generate operating revenues until after the completion of its Business Combination, relying on non-operating income from interest on marketable securities held in the Trust Account[319]. Marketable Securities and Trust Account - The company had marketable securities held in the Trust Account amounting to $83,523,112 as of December 31, 2023, after accounting for $5,999,964 in deferred underwriting fees and approximately $133.1 million in redemptions[310]. - As of December 31, 2023, Class A ordinary shares subject to possible redemption amount to $83,523,112, classified as temporary equity[325]. IPO and Capital Raising - The company raised gross proceeds of $173,912,000 from its IPO, selling 17,391,200 units at an offering price of $10.00 per unit[305]. Shareholder Redemptions - Shareholders redeemed 10,415,452 Class A ordinary shares at approximately $10.49 per share, totaling an aggregate redemption amount of approximately $109.31 million, leaving approximately $100.59 million in the Trust Account[315]. - In the Second Extension, shareholders redeemed 2,176,003 Class A ordinary shares at approximately $10.94 per share, totaling approximately $23.8 million, leaving approximately $81.1 million in the Trust Account[316]. - In the Third Extension, shareholders redeemed 2,661,404 Class A ordinary shares at approximately $11.36 per share, totaling approximately $30.26 million, leaving approximately $53.97 million in the Trust Account[317]. Working Capital and Financial Obligations - As of December 31, 2023, the company had a working capital deficit of $4,516,047 and only $43,509 in cash available for operations[311]. - The Company has $43,509 in cash, which is unlikely to be sufficient to sustain operations for at least the next 12 months from the issuance of the financial statements[318]. - The Company is obligated to pay a deferred underwriting commission of 3.0% of total gross proceeds raised in the offering, amounting to $5,999,964, upon consummation of its initial business combination[323]. Loans and Notes - The company has the option to convert up to $1,500,000 of Working Capital Loans into additional private placement warrants upon consummation of a business combination[312]. - As of December 31, 2023, $325,000 was outstanding on an unsecured promissory note issued to the Sponsor[313]. - The Company issued an unsecured promissory note (the "Seamless Note") with a principal amount of up to $500,000, which does not bear interest and is payable on the Maturity Date[314]. Public Company Expenses - The company incurred expenses related to being a public entity, including legal and financial reporting costs, as well as due diligence expenses[303]. Regulatory and Accounting Standards - The Company has not identified any recently issued accounting standards that would materially affect its financial statements if adopted[328]. - The Company has no off-balance sheet financing arrangements or long-term liabilities other than a monthly fee of $10,000 to its Sponsor for administrative support[321]. Business Combination Timeline - The company has until the Third Extended Date to consummate its initial business combination, following shareholder approvals for multiple extensions[299]. - On August 18, 2023, shareholders approved a second extension, resulting in the redemption of 2,176,003 Class A ordinary shares for approximately $23.8 million[296].
InFinT Acquisition (IFIN) - 2023 Q4 - Annual Report