Financial Position - Total assets as of August 31, 2022, amounted to $117,860,019, an increase from $105,995 as of November 30, 2021[9] - Total liabilities as of August 31, 2022, were $4,096,199, with current liabilities of $71,199[9] - The company had a total shareholders' deficit of $3,439,499 as of August 31, 2022, compared to a deficit of $4,861 as of November 30, 2021[9] - The company had $656,700 in cash as of August 31, 2022, with no cash equivalents reported[41] - The company had cash of $656,700 outside of the Trust Accounts as of August 31, 2022, to fund operations and evaluate target businesses[97] - The company is authorized to issue 479,000,000 Class A ordinary shares, with 532,500 shares issued and outstanding as of August 31, 2022[74] Income and Expenses - The company reported a net income of $335,699 for the three months ended August 31, 2022, compared to a net income of $176,423 for the nine months ended August 31, 2022[10] - The company incurred formation and operating costs of $52,500 for the three months ended August 31, 2022, leading to a loss from operations of $52,500[10] - The company generated $478,319 in interest income from marketable securities held in the trust account for the nine months ended August 31, 2022[12] - For the three-month period ended August 31, 2022, the company reported a net income of $335,699, consisting of formation and operating costs of $52,500 and interest earned on investments of $388,199[92] - The net income allocable to redeemable Class A ordinary shares for the three months ended August 31, 2022, was $270,957, resulting in a basic and diluted net income per share of $0.02[52] - The net income allocable to Class B ordinary shares for the three months ended August 31, 2022, was $64,742, also resulting in a basic and diluted net income per share of $0.02[52] Cash Flow and Financing - Cash flows from operating activities resulted in a net cash used of $235,558 for the nine months ended August 31, 2022[12] - The company raised gross proceeds of $100,000,000 from its Initial Public Offering on January 20, 2022[15] - The company raised an additional $15,000,000 from the sale of 1,500,000 Option Units at an offering price of $10.00 per Unit[18] - The Company generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units at a purchase price of $10.00 per Unit during the Initial Public Offering[57] - The company completed a private placement of 532,500 units at a purchase price of $10.00 per unit, generating gross proceeds of $5,325,000[58] - The underwriters received a cash underwriting discount of $2,000,000, which could increase to $2,300,000 if the over-allotment option was fully exercised[70] - The underwriters are entitled to a deferred fee of $4,025,000, payable only if the company completes a Business Combination[101] Trust Account and Business Combination - Cash and marketable securities held in the trust account totaled $117,203,319 as of August 31, 2022[9] - A total of $116,725,000 was placed in a Trust Account from the net proceeds of the Initial Public Offering, with an initial value of $10.15 per Unit[19] - The company must complete a Business Combination with a fair market value of at least 80% of the net assets held in the Trust Account[21] - Public Shareholders can redeem their shares for a pro rata portion of the Trust Account, initially anticipated to be $10.15 per share[22] - The company will not redeem Public Shares if it would cause net tangible assets to fall below $5,000,001[23] - If a Business Combination is not completed within 12 to 18 months, the company will redeem Public Shares at the amount in the Trust Account[28] - The company expects to incur significant costs in pursuit of acquisition plans and will not generate operating revenues until after a Business Combination[32] - The company may need to obtain additional financing to complete its initial Business Combination or to meet obligations if cash on hand is insufficient[99] - As of August 31, 2022, the Company had investments of $117,203,319 held in the Trust Accounts, intended for the initial Business Combination[96] Administrative and Compliance Matters - The Company has accrued $70,000 under the Administrative Support Agreement with the Sponsor as of August 31, 2022[66] - The Company is subject to income tax examinations by major taxing authorities since inception, with no significant issues currently under review[44] - There were no unrecognized tax benefits as of August 31, 2022, and no amounts accrued for interest and penalties[44] - The company has not engaged in any unregistered sales of equity securities[112] - The company has not reported any defaults upon senior securities[113] - There have been no changes in internal control over financial reporting that materially affected the company during the fiscal quarter ended August 31, 2022[107] - The company conducted an evaluation of its disclosure controls and procedures, concluding they were effective during the reporting period[106] - There are no legal proceedings currently affecting the company[110] - There have been no material changes to the risk factors disclosed in the prospectus filed on February 10, 2022[111] - The company has not identified any critical accounting policies that could materially affect reported financial results[102]
Technology & Telecommunication Acquisition .(TETE) - 2022 Q3 - Quarterly Report