Financial Performance - As of March 31, 2023, the company reported a net income of $2,012,699, driven by interest income of $2,889,862 and a change in fair value of warrants amounting to $552,038 [116]. - The company incurred operating costs of $325,125 for the three months ended March 31, 2023, with cash used in operating activities amounting to $298,742 [120]. - The company has not engaged in any operations or generated revenues to date, focusing instead on organizational activities and identifying target companies for a business combination [115]. Cash and Capital Structure - The company had cash held in the Trust Account of $273,168,584 as of March 31, 2023, which is intended to be used for completing a Business Combination [121]. - As of March 31, 2023, the company had $337,093 in its operating bank account and a working capital of $571,092 [117]. - The company generated gross proceeds of $225,000,000 from its Initial Public Offering of 22,500,000 Class A Public Shares at $10.00 per share, with an additional $33,750,000 from the underwriter's over-allotment option [118]. - The company sold 14,400,000 Private Placement Warrants at $1.00 per warrant, generating gross proceeds of $14,400,000 [118]. - As of March 31, 2023, the company had no long-term debt obligations or off-balance sheet arrangements [125]. Business Combination and Future Plans - The company intends to use funds held outside the Trust Account primarily for identifying and evaluating target businesses and performing due diligence [122]. - The company has a potential obligation to consummate an initial Business Combination within 24 months from the closing of its Initial Public Offering, raising concerns about its ability to continue as a going concern if not completed [124].
Investcorp Acquisition (IVCA) - 2023 Q1 - Quarterly Report