Financial Transactions - The company completed a private placement of 7,520,000 warrants at a price of $1.00 per warrant, generating gross proceeds of $7.52 million[61]. - On November 22, 2021, the company completed a private sale of 7,520,000 warrants at a price of $1.00 each, generating gross proceeds of $7,520,000[61]. - The trust account contained approximately $7.04 million immediately after the Second Extension Meeting[66]. - The company may seek additional funds through private offerings of debt or equity securities to complete its initial business combination[47]. - The company is not currently engaged in any arrangements to raise additional funds through the sale of securities[48]. - The company may need to obtain additional financing to complete the initial business combination[84]. Shareholder Actions - During the First Extension Meeting, holders of 26,015,981 Class A ordinary shares redeemed their shares for cash at approximately $10.29 per share, totaling about $267.8 million[64]. - Following the Second Extension Meeting, holders of 928,553 Class A ordinary shares redeemed their shares for cash at approximately $10.74 per share, totaling about $9.97 million[66]. - The company intends to conduct redemptions without a shareholder vote unless required by law or stock exchange listing requirements[72]. - The company may not redeem Public Shares if it would result in net tangible assets of less than $5,000,001[63]. - If too many public shareholders exercise their redemption rights, the company may not meet the closing conditions for a business combination, potentially leading to a search for an alternate target[79]. Business Strategy - The company intends to focus on acquiring global high-growth consumer-facing brands with strong emotional engagement with millennial and Gen-Z consumers[60]. - The company aims to target businesses with high barriers to entry and robust recurring revenues[60]. - The company intends to focus its search for business combinations on global high-growth consumer-facing brands that engage millennial and Gen-Z consumers[46]. - The company aims to acquire global high-growth premium consumer-facing brands with strong emotional engagement from millennial and Gen-Z consumers[60]. - The company does not currently intend to purchase multiple businesses in unrelated industries for the initial business combination[81]. Business Combination Conditions - The company has 18 months from the closing of the Initial Public Offering to complete its initial business combination, or it will cease operations and redeem Public Shares at a price equal to the aggregate amount in the trust account[73]. - The initial business combination must involve one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account[81]. - The fair market value of the target businesses will be determined by the board of directors based on generally accepted financial standards, such as discounted cash flow valuation[81]. - The company may complete its initial business combination without a majority of public shareholders' support, as shareholder approval may not be required in all cases[78]. - The company is not required to obtain a fairness opinion for business combinations with affiliated targets, but will do so for independent assessments[80]. Risks and Challenges - The company may face risks related to its ability to identify appropriate target businesses and complete the initial business combination due to various external factors[84]. - The company has no operating history and no operating revenues, which may impact its financial performance and ability to attract target businesses[84]. - There is a risk that the company may not have the resources to diversify operations and mitigate risks associated with being in a single line of business[82]. - The ability to complete the initial business combination may depend on the performance of a single business in the future[82]. - The company may face uncertainties due to geopolitical events, such as the invasion of Ukraine by Russia, and the impact of the COVID-19 pandemic on economic conditions[84]. - There is potential for conflicts of interest among directors and officers due to their commitments to other businesses[84]. - The trust account is not subject to claims of third parties, which may affect the availability of funds for the business combination[84].
bleuacacia ltd(BLEU) - 2023 Q4 - Annual Report