Israel Acquisitions p(US:ISRL)2024-05-15 20:31Financial Performance - As of March 31, 2024, the company reported a net income of $575,856, with total listing expenses of $117,464 and legal and accounting expenses of $378,580[120]. - The company had cash and cash equivalents of $318,357 held outside the Trust Account and a working capital deficit of $221,502 as of March 31, 2024[122]. - Total marketable securities held in the Trust Account amounted to $79,132,680, including approximately $1,201,832 of gains on marketable securities[127]. - For the three months ended March 31, 2024, net cash provided by operating activities was $848,561, with net cash used in financing activities totaling $75,771,158[125]. Revenue Generation - The company has generated no revenues to date and does not expect to generate operating revenues until after the completion of an initial business combination[114]. Business Combination - The company entered into a Business Combination Agreement with Pomvom Ltd. on January 2, 2024, which includes a merger and formation of a new entity[115]. Financing and Expenses - An unsecured promissory note was issued to the Sponsor on January 18, 2024, allowing for up to twelve additional one-month extension payments totaling $150,000[117]. - The company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses[119]. - The company may need to raise additional funds to meet expenditures required for operating its business prior to the initial business combination[129]. - The underwriters of the Initial Public Offering are entitled to a deferred discount of $5,406,250, which will be payable only if a Business Combination is completed[131].