Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $584,928, consisting of interest income of $995,514, offset by operating costs of $410,586[161]. - For the six months ended June 30, 2023, the company had a net income of $1,019,009, with interest income of $2,223,192 and operating costs of $1,204,183[161]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $59,577,379, including approximately $3,942,704 of interest income and unrealized gains[169]. Initial Public Offering (IPO) - The company generated gross proceeds of $100,000,000 from its Initial Public Offering of 10,000,000 Units on February 10, 2022[163]. - The company incurred transaction costs of $3,888,278 related to the Initial Public Offering and partial exercise of the over-allotment option[165]. - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $2,290,000, paid upon the closing of the Initial Public Offering[176]. - The Company will pay EarlyBirdCapital, Inc. a cash fee of 3.5% of the gross proceeds of the Initial Public Offering upon the consummation of the initial Business Combination[177]. Business Combination - The company has extended the termination date of the Business Combination Agreement to February 10, 2024, requiring monthly deposits of $135,000 into the Trust Account during the Extension Period[155][156]. - The proposed business combination with Covalto is expected to close in the second half of 2023, pending SEC review and shareholder approval[157]. - The company must complete an initial business combination with a fair market value of at least 80% of the net assets held in the trust account[152]. - A finder's fee of $300,000 will be paid to a consultant if a Business Combination is consummated with a target sourced by the finder[178]. Cash and Expenses - As of June 30, 2023, the company had cash of $37,088, intended for identifying and evaluating target businesses[170]. - For the three months ended June 30, 2023, the Company incurred $30,000 for office space and administrative services, with accrued expenses recorded as $170,000[174]. - For the six months ended June 30, 2023, the Company incurred $60,000 for the same services, with accrued expenses recorded as $110,000 as of December 31, 2022[174]. Equity and Dilution - The Company accounts for ordinary shares subject to possible redemption as temporary equity, presented at redemption value outside of shareholders' equity[180]. - The calculation of diluted income (loss) per ordinary share excludes the effect of warrants, with 10,794,167 Class A ordinary shares potentially exercisable[182]. - As of June 30, 2023, there were no dilutive securities or contracts that could be converted into ordinary shares, except for 362,500 Founder Shares included for dilutive purposes[182]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as of June 30, 2023, and does not participate in transactions that create relationships with unconsolidated entities[173].
LIV Capital Acquisition II(LIVB) - 2023 Q2 - Quarterly Report