Financial Performance - For the three months ended February 29, 2024, the company reported a net income of $833,693, down from $1,027,128 for the same period in 2023, reflecting a decrease of approximately 18.9%[112] - The company incurred formation and operating costs of $246,392 for the three months ended February 29, 2024, compared to $166,295 for the same period in 2023, indicating an increase of approximately 48.1%[112] - The company has not generated any operating revenues to date and relies on non-operating income from interest on marketable securities[111] Cash and Investments - The company had cash of $25,157 outside of the Trust Accounts as of February 29, 2024, which will be used primarily for identifying and evaluating target businesses[116] - As of February 29, 2023, the company held investments of $84,509,975 in Trust Accounts, intended for the completion of the initial business combination[115] Debt and Financing - The company has borrowed $609,000 under working capital loans as of February 29, 2024, with the potential for up to $1,500,000 of such loans to be convertible into units at the lender's option[117] Business Combination and Shareholder Actions - The company intends to extend the period to complete a business combination by up to twelve times for an additional month each time, with a deposit of either $160,000 or $0.055 per Class A ordinary share outstanding[109] - A total of 4,004,330 ordinary shares were redeemed by shareholders in connection with the General Meeting held on July 18, 2023[110] Going Concern - The company faces substantial doubt about its ability to continue as a going concern until the completion of its business combination or mandatory liquidation[119] Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit[113]
Evergreen (EVGR) - 2024 Q1 - Quarterly Report