Financial Operations - As of September 30, 2023, the company had not commenced any operations and will not generate operating revenues until after completing a Business Combination[139] - The company raised $234.6 million from its IPO, with $10.20 per Unit sold, and deposited this amount into a Trust Account[144] - Transaction costs for the IPO amounted to $16,664,843, including $3,173,059 in underwriting commissions[142] - In January 2023, shareholders redeemed approximately $206.5 million (about $10.35 per public share) from the Trust Account, leaving approximately $31.5 million remaining[151] - In July 2023, shareholders redeemed approximately $3.8 million (about $11.13 per public share) from the Trust Account, resulting in approximately $30.17 million remaining[154] - The company must complete its initial Business Combination with an aggregate fair market value equal to at least 80% of the assets held in the Trust Account[143] - The company has extended the deadline for completing its initial Business Combination multiple times, with the latest extension allowing until October 29, 2023[153] - The company entered into a Merger Agreement with Zoomcar, which includes provisions for stockholder support and financing transactions[145] - The Company plans to use substantially all funds in the Trust Account to complete its initial business combination, with interest earned available for tax obligations[184] - The Company has until October 29, 2023, to complete its business combination, or it will cease operations and redeem public shares[161] - The company has until October 29, 2023, to consummate a Business Combination, after which mandatory liquidation and dissolution may occur if not completed[188] Financial Performance - As of September 30, 2023, the Company reported a net loss of $785,898 for the three months ended, primarily due to formation and operating costs of $1,190,500[168] - For the six months ended September 30, 2023, the Company had a net loss of $1,244,689, with formation and operating costs totaling $2,045,733[169] - The Company had cash of $23,213 and a working capital deficit of $11,019,668 as of September 30, 2023[172] - The Company has not engaged in any operations or generated revenues to date, with expectations to incur increased expenses due to being a public company[167] - The company has substantial doubt about its ability to continue as a going concern for a reasonable period of time, primarily due to the uncertainty of raising additional capital[188] Debt and Financing - The company has issued unsecured promissory notes totaling up to $1.18 million to the Sponsor, with no interest and payable upon the consummation of the initial business combination[156] - The Company issued an unsecured promissory note on August 18, 2023, for up to $500,000 to the Sponsor, with no interest and payable on the maturity date[180] - The company had $3,027,625 in borrowings under promissory notes with the Sponsor as of September 30, 2023, compared to $1,495,000 as of March 31, 2023[213] - The company issued multiple unsecured promissory notes to the Sponsor, including amounts of up to $500,000 on May 10, 2023, and $180,000 on July 20, 2023, all bearing no interest and payable upon consummation of the initial business combination[210][211] - The company has raised a total of up to $990,000 from the Sponsor for expenses related to the extension of the date for consummating the initial business combination[196] Cash Management - As of September 30, 2023, the company held $23,213 in cash outside of the Trust Account, which may not be sufficient to operate for at least the next 12 months if a Business Combination is not consummated[187] - The company is reimbursing the Sponsor $10,000 per month for office space and administrative services, which will cease upon completion of the initial business combination or liquidation[203] Regulatory and Compliance - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[220] - The company has identified critical accounting policies that may materially affect reported amounts of assets and liabilities[222] - Ordinary shares subject to possible redemption are classified as temporary equity, with changes in redemption value recognized immediately[225] - Net loss per ordinary share is calculated using the two-class method, excluding the effect of warrants as they are anti-dilutive[226] - The company is required to register the offer and sale of certain securities under the Securities Act as per the registration rights agreement[216] - The company will bear the costs of filing registration statements as per the registration rights agreement[218] - The Ananda Trust Note will be exchanged for a new convertible promissory note if the business combination is not consummated within one year[219] - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[221]
Innovative International Acquisition (IOAC) - 2023 Q3 - Quarterly Report