Financial Performance - For the year ended December 31, 2022, the company reported a net loss of $1,111,964, with operating costs of $4,044,156 and interest income of $2,932,192 from marketable securities [286]. - The company incurred cash used in operating activities of $(756,716) for the year ended December 31, 2022, with significant costs expected in pursuit of a business combination [290][296]. - The company has a working capital deficit of $2,488,340 as of December 31, 2022, with only $271,467 in cash available for operations [293][296]. - Net loss per ordinary share is calculated by dividing net loss by the weighted average number of ordinary shares outstanding, with diluted loss per share being the same as basic loss per share due to the absence of dilutive securities [304]. Marketable Securities and IPO - As of December 31, 2022, the company had marketable securities in the Trust Account totaling $208,932,880, with approximately $94.59 million available for a business combination after accounting for deferred underwriting fees and redemptions [292]. - 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 [287]. - A total of 10,415,452 Class A ordinary shares were redeemed for cash at a price of approximately $10.49 per share, resulting in an aggregate redemption amount of approximately $109.31 million [295]. Business Combination and Obligations - The company has until August 23, 2023, to complete its initial business combination, following the approval of the Extension Proposal by shareholders [295]. - The company is obligated to pay a deferred underwriting commission of $5,999,964 upon consummation of its initial business combination [300]. - The company has entered into agreements with Seamless Shareholders and the Sponsor to support the proposed business combination [280][282]. Accounting and Financial Reporting - The company has not entered into any off-balance sheet financing arrangements as of December 31, 2022 [298]. - The Company classifies warrants as equity-classified instruments based on specific terms and applicable guidance, concluding that the warrants should be classified as equity [303]. - Management does not anticipate that recently issued accounting standards will have a material effect on the financial statements [305].
InFinT Acquisition (IFIN) - 2022 Q4 - Annual Report