Financial Performance - As of September 30, 2023, the company reported a net loss of $647,766 for the three months ended, compared to a net income of $766,838 for the same period in 2022 [119]. - For the nine months ended September 30, 2023, the company had a net loss of $735,098, while for the same period in 2022, it reported a net income of $5,763,853 [120][121]. - The company incurred operating expenses of $1,840,635 for the nine months ended September 30, 2023 [120]. IPO and Trust Account - The company generated gross proceeds of $220,000,000 from its IPO of 22,000,000 units at $10.00 per unit [122]. - The company placed $255,000,000 in a trust account, which will be invested in U.S. government securities until the completion of a Business Combination [126]. - As of September 30, 2023, the company had cash and marketable securities held in the trust account amounting to $12,518,199 [128]. - Offering costs for the IPO and the exercise of the underwriters' over-allotment option amounted to $18,037,545 [125]. Cash Flow - Cash used in operating activities for the nine months ended September 30, 2023, was $1,053,102, while net cash provided by investing activities was $246,826,494 [127]. Business Strategy - The company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses [129]. Debt and Equity - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023 [137][138]. - The company accounts for its ordinary shares subject to possible redemption as temporary equity, reflecting uncertain future events [145]. - Net (loss) income per redeemable ordinary shares is calculated based on interest income earned on the Trust Account divided by the weighted average number of redeemable ordinary shares outstanding [146]. Accounting Standards - The company does not anticipate any material effects from recently issued accounting standards on its unaudited condensed financial statements [147]. - Quantitative and qualitative disclosures about market risk are not required for smaller reporting companies [148].
Newcourt Acquisition p(NCAC) - 2023 Q3 - Quarterly Report