Financial Performance - The company had a net income of $2,866,208 for the three months ended March 31, 2024, primarily from interest earned on investments held in the Trust Account amounting to $3,103,752, offset by general and administrative expenses of $237,544[106]. - For the period from March 7, 2023, to March 31, 2023, the company reported a net loss of $5,550 due to general and administrative expenses[108]. - The company incurred $60,000 in expenses under the Administrative Services Agreement for the three months ended March 31, 2024[122]. - The company generated non-operating income in the form of interest income on investments held in the Trust Account, with expectations of no operating revenues until after the completion of the initial Business Combination[105]. Cash and Working Capital - As of March 31, 2024, the company had $40,430 in cash held outside of the Trust Account and working capital of $110,685, raising substantial doubt about its ability to continue as a going concern one year from the date of the financial statements[116]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on July 28, 2023, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units, including 3,000,000 Units from the underwriters' over-allotment option[112]. - Following the IPO, $232,300,000 was placed in the Trust Account, which is intended to be used for the initial Business Combination[114]. Business Combination - The company must complete its initial Business Combination by July 28, 2025, or face mandatory liquidation and dissolution[117]. - The company has not yet selected a Business Combination target but is focusing on businesses in the consumer and consumer-related products and services industries[102]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination, increasing costs and time related to the process[104]. Internal Controls and Compliance - Disclosure controls and procedures were evaluated and deemed effective as of March 31, 2024[132]. - There have been no changes to internal control over financial reporting that materially affected the company's controls during the quarterly period ended March 31, 2024[134]. - Management does not expect any recently issued accounting pronouncements to materially affect the unaudited condensed financial statements[129]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[130].
Haymaker Acquisition 4(HYAC) - 2024 Q1 - Quarterly Report