Financial Position - As of May 31, 2022, total assets amounted to $117,494,320, a significant increase from $105,995 as of November 30, 2021[8] - Cash and marketable securities held in the trust account totaled $116,815,120 as of May 31, 2022[8] - Total liabilities were reported at $4,066,199 as of May 31, 2022, compared to $110,856 as of November 30, 2021[8] - As of May 31, 2022, the Company had $679,200 in cash and no cash equivalents[40] - The Company had cash of $679,200 outside of the Trust Accounts as of May 31, 2022, to fund operations and evaluate target businesses[97] - The Company has no long-term debt or capital lease obligations, only a monthly fee agreement with the Sponsor of up to $10,000[100] Financial Performance - The company reported a net loss of $159,276 for the six months ended May 31, 2022, compared to a net income of $36,274 for the three months ended May 31, 2022[9] - The Company expects to incur significant costs in pursuit of acquisition plans and will not generate operating revenues until after completing a Business Combination[31] - For the three-month period ended May 31, 2022, the Company reported a net income of $36,274, with formation and operating costs of $53,300 and interest earned on investments of $89,574[92] - For the six-month period ended May 31, 2022, the Company incurred a net loss of $159,276, consisting of formation and operating costs of $249,396 and interest earned of $90,120[92] Shareholder Information - The weighted average number of Class A ordinary shares outstanding was 12,032,500 for the three months ended May 31, 2022[9] - The Company has 11,500,000 Class A Ordinary Shares outstanding subject to possible redemption[46] - The redemption value of the shares is adjusted to $10.15 per share at the end of each reporting period[45] - The Company will allow Public Shareholders to redeem their shares for a pro rata portion of the Trust Account, initially anticipated at $10.15 per Public Share[21] - The Company will not redeem Public Shares if it would cause net tangible assets to fall below $5,000,001 to avoid SEC's "penny stock" rules[22] - If shareholder approval is required for a Business Combination, the Company will proceed if a majority of outstanding shares vote in favor[23] - Public Shareholders can redeem their shares without voting, and those who vote can do so regardless of their stance on the transaction[23] - The Company must complete a Business Combination within 12 to 18 months, or it will cease operations and redeem Public Shares[27] Capital Raising Activities - The company raised gross proceeds of $100,000,000 from its Initial Public Offering on January 20, 2022[14] - The Company sold 11,500,000 Units at a purchase price of $10.00 per Unit during the Initial Public Offering, generating gross proceeds of $115,000,000[57] - The Private Placement generated gross proceeds of $5,325,000 from the sale of 532,500 Private Placement Units at a price of $10.00 per unit[58] - Offering costs associated with the Initial Public Offering amounted to $4,532,887, which were charged to additional paid-in capital upon completion[52] - The underwriters received a cash underwriting discount of $0.20 per Unit, totaling $2,000,000, payable upon the closing of the Initial Public Offering[70] - The underwriters are entitled to a deferred fee of $4,025,000, payable only if the Company completes a Business Combination[101] Operational Status - The company has not commenced any operations and will not generate operating revenues until after completing its initial Business Combination[12] - There is no current commitment for additional capital, raising substantial doubt about the Company's ability to continue as a going concern[33] - The Company may need to obtain additional financing to complete its initial Business Combination or to meet obligations if a significant number of Public Shares are redeemed[99] Other Information - The Company incurred formation and operating costs of $249,396 for the six months ended May 31, 2022[9] - The deferred underwriting commission was recorded at $4,025,000, contingent upon the consummation of a Business Combination[11] - The Company has accrued $40,000 under the Administrative Support Agreement for office space and administrative support as of May 31, 2022[66] - The Promissory Note issued by the Sponsor allowed the Company to borrow up to $300,000, with an outstanding balance of $177,876 repaid in full on January 25, 2022[63][64] - The Company has not identified any critical accounting policies that could materially affect its financial statements[102] - There have been no material changes to the risk factors disclosed in the prospectus filed with the SEC on February 10, 2022[111] - No relevant financial data or performance metrics were provided in the content[120] - The document primarily contains certification and signature information without specific earnings or user data[119] - There are no insights on future outlook, product development, market expansion, or acquisition strategies mentioned in the content[118] - The content does not include any numerical figures or percentages related to company performance or projections[117] - The document lacks details on new technologies or strategies that the company may be pursuing[120] - There are no references to user data or customer metrics in the provided content[119] - The content does not provide any earnings guidance or performance summaries[118] - There are no mentions of new products or services being launched[117] - The document does not discuss any market trends or competitive positioning[120] - There are no indications of financial performance or operational highlights in the content[119]
Technology & Telecommunication Acquisition .(TETE) - 2022 Q2 - Quarterly Report