Financial Performance - As of September 30, 2023, the company reported a net income of $157,943 for the three months ended, primarily from investment income of $579,398, offset by operating expenses of $421,455 [102]. - For the nine months ended September 30, 2023, the company had a net income of $1,385,964, with investment income of $2,154,895 and operating expenses of $768,931 [103]. - The company experienced a cash decrease of $262,652 for the nine months ended September 30, 2023, due to cash used in operating and investing activities [117]. - As of September 30, 2023, the diluted net income per ordinary share is the same as the basic net income per ordinary share due to the absence of dilutive securities [128]. Business Operations - The company has not generated any operating revenues to date and will not do so until the completion of its initial business combination [100]. - There is substantial doubt about the company's ability to continue as a going concern if a business combination is not completed by January 18, 2024 [116]. Cash and Funding - As of September 30, 2023, the company had cash of $26,523 available outside the trust account for operational expenses and due diligence activities [104]. - The company raised gross proceeds of $66,000,000 from its IPO, which included 6,600,000 Units sold [105]. - Following the IPO, $67,320,000 was placed in the trust account, which may be invested in U.S. government securities or money market funds until a business combination is completed [107]. - The company expects to incur significant costs related to legal, accounting, and due diligence expenses, estimating $92,000 for these activities and $216,800 for working capital needs [111]. - The company has a promissory note allowing it to borrow up to $300,000 from its Sponsor if additional capital is needed [111]. Risk Factors - The company did not have any market or interest rate risk as of September 30, 2023 [130]. - Derivative financial instruments are evaluated for classification as liabilities or equity at the end of each reporting period [129].
TenX Keane Acquisition(TENK) - 2023 Q3 - Quarterly Report