Financial Performance - The company reported a net loss of $8,687 for the period from March 11, 2022, through December 31, 2022, which consisted entirely of formation and operating costs [146]. - Net cash used in operating activities was $10,059, attributed to the net loss and prepaid expenses [148]. Financing Activities - The company generated net cash of $98,336 from financing activities, primarily from a promissory note of $300,000 and the issuance of Class B ordinary shares for $25,000, offset by offering costs of $226,664 [149]. - The Initial Public Offering (IPO) on February 14, 2023, raised gross proceeds of $115,000,000 from the sale of 11,500,000 units, including 1,500,000 units from the underwriter's over-allotment option [150]. - An additional $5,653,750 was raised from the sale of 565,375 Placement Units at $10.00 each in a private placement [151]. Trust Account and Business Combination - Following the IPO, $117,875,000 was placed in a trust account, with a net amount of $10.25 per unit [152]. - The company plans to use funds in the trust account to complete its initial business combination and may withdraw interest to pay taxes [153]. - The company has until February 14, 2024, to complete a business combination, or it will face mandatory liquidation [156]. Future Financing Needs - The company does not anticipate needing additional funds post-offering to meet operational expenditures, but may require additional financing for the business combination [154]. - As of December 31, 2022, the company had no off-balance sheet arrangements [157].
Pono Capital Three(PTHR) - 2022 Q4 - Annual Report