Patria Latin American Opportunity Acquisition (PLAO) - 2024 Q1 - Quarterly Report

Financial Performance - As of March 31, 2024, the company reported a net income of $1,420,470, which includes a realized gain on investments held in the trust account of $2,436,139[118]. - For the three months ended March 31, 2023, the company reported a net income of $2,278,938, with a realized gain on investments held in the Trust Account of $2,569,175[119]. - Cash used in operating activities for the three months ended March 31, 2024, was $324,047, with a net income of $1,420,470[121]. - The Company incurred $30,000 in administrative support fees for both the three months ended March 31, 2024, and 2023[130]. Working Capital and Financing - The company had working capital of $181,683,006, which includes cash placed in the Trust Account amounting to $236,900,000[120]. - As of March 31, 2024, the company had cash of $2,999 available for working capital purposes[122]. - The company may need to obtain additional financing to complete an Initial Business Combination or to redeem a significant number of Public Shares[124]. - The Company anticipates that cash held outside of the Trust Account as of March 31, 2024, will not be sufficient to operate for at least the next 12 months if a Business Combination is not completed[125]. Business Combination and Compliance - The company must complete a Business Combination with an aggregate fair market value of at least 80% of the net assets held in the Trust Account[112]. - The initial shareholders have agreed to waive their rights to liquidating distributions from the Trust Account if the company fails to complete a Business Combination within the Combination Period[116]. - The company received a notice from Nasdaq indicating non-compliance due to the aggregate market value of its outstanding warrants being less than $1 million[111]. - Management plans to address the uncertainty regarding the Company's ability to continue as a going concern through a Business Combination[125]. Trust Account and Fees - As of March 31, 2024, the Company has deposited a total of $3,000,000 into the Trust Account to extend the termination date through May 14, 2024[125]. - The underwriters are entitled to a deferred fee of $0.35 per Unit, totaling $8,050,000, which will be waived if the Company does not complete a Business Combination[128]. - The Company received a waiver letter from J.P. Morgan Securities LLC regarding deferred underwriting fees, but this does not cover fees payable to Citigroup Global Market Inc., totaling $4,025,000[129]. Accounting and Reporting - The Company has no long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[127]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[134]. - The Company has not identified any critical accounting estimates that could materially differ from actual results[132]. - The Company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act[135].