Financial Performance - The Company had a net income of $334,529 for the three months ended March 31, 2024, compared to a net income of $2,012,699 for the same period in 2023[133]. - The Company incurred operating costs of $194,117 for the three months ended March 31, 2024[133]. - The Company has a working capital deficit of $1,688,619 as of March 31, 2024[134]. Cash and Trust Account - As of March 31, 2024, the Company had cash held in the Trust Account of $109,731,142, which will be used to complete the Business Combination[138]. - The Sponsor agreed to contribute up to $1,200,000 to the Trust Account for each monthly period until the earlier of the completion of the initial business combination or August 12, 2024[125]. Business Combination and Liquidation - If the Company does not complete a Business Combination by August 12, 2024, it will cease operations and proceed with liquidation[129]. Shareholder Activity - Shareholders exercised redemption rights for 16,085,554 shares at a redemption price of approximately $10.74 per share, resulting in total redemption payments of $172,747,177[126]. - A total of $172,774,717 in redemption payments were made on August 18, 2023, following the redemption of 16,085,554 shares of Class A ordinary shares at a redemption price of approximately $10.74 per share[154]. - After the redemption, the Company had 9,789,446 shares of Class A ordinary shares outstanding[154]. Debt and Loans - The Company entered into a non-interest bearing convertible unsecured loan of up to $3,000,000 from the Sponsor to provide additional working capital[128]. - The Company entered into a non-interest bearing convertible unsecured loan of up to $3,000,000 from the Sponsor to provide additional working capital and fund Extension Contributions[146]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2024[143]. - As of March 31, 2024, the outstanding principal balance of the 2023 Note was $800,000, up from $500,000 as of December 31, 2023[149]. IPO and Underwriting - The Company generated gross proceeds of $225,000,000 from the Initial Public Offering of 22,500,000 Class A Public Shares at $10.00 per share[135]. - The Company granted the underwriter a 45-day option to purchase up to 3,375,000 additional Units to cover over-allotments, which was exercised concurrently with the IPO[150]. Accounting Standards - The Company adopted ASU 2020-06 on January 1, 2024, which did not have a material impact on its financial statements[158]. - The Company expects the adoption of ASU 2023-09 to result in disclosure changes only, effective for annual periods beginning after December 15, 2024[159]. Redemption Value - The Company recognizes changes in redemption value immediately and adjusts the carrying value of redeemable ordinary shares accordingly[155]. - The Company has determined that the value of the conversion option for the loan is de minimis, based on the valuation of its Private Placement Warrants[146]. Promissory Notes - The Company has no amounts outstanding on the promissory note related to the Initial Public Offering as of March 31, 2024[148].
Investcorp Acquisition (IVCA) - 2024 Q1 - Quarterly Report