Financial Performance - The company reported a net loss of $181,695 for the period from March 8, 2021, to December 31, 2021, with operating costs of $183,619 and interest income of $1,924 from marketable securities[263]. Initial Public Offering (IPO) - The initial public offering (IPO) on November 23, 2021, generated gross proceeds of $173,912,000 from the sale of 17,391,200 units, each priced at $10.00[264]. - An additional 764,262 private warrants were sold during the IPO's over-allotment option, generating gross proceeds of $764,262, bringing total gross proceeds from the IPO and private placement to $207,795,642[266]. Financial Position - As of December 31, 2021, the company held marketable securities in the Trust Account amounting to $203,000,706, primarily in a money market fund and government bonds[268]. - The company has $1,028,183 in cash available in its operating account and working capital of $1,555,816 as of December 31, 2021, to evaluate target businesses and cover operational expenses[269]. - Class A ordinary shares subject to possible redemption amounted to $202,998,782 as of December 31, 2021, classified as temporary equity on the balance sheet[277]. Obligations and Commitments - The company is obligated to pay a deferred underwriting commission of $5,999,964, which is 3.0% of the total gross proceeds raised in the offering, upon consummation of its initial business combination[275]. - The company may extend the period to consummate a business combination up to 18 months, requiring additional deposits into the trust account of $2,999,982 for each three-month extension[271]. Operational Expenses - The company incurred monthly fees of $10,000 to its Sponsor for office space and administrative support starting from November 23, 2021[274]. - The company has not entered into any off-balance sheet financing arrangements as of December 31, 2021[273].
InFinT Acquisition (IFIN) - 2021 Q4 - Annual Report