Financial Performance - The company reported a net income of $826,045 for the year ended November 30, 2022, with interest earned on investments amounting to $1,326,997[57]. - The company reported a net income of $826,045 for the year ended November 30, 2022, compared to a net loss of $4,861 for the period from November 8, 2021, to November 30, 2021[170]. - Basic and diluted net income per ordinary share was $0.06 for the year ended November 30, 2022[170]. - The net income allocable to redeemable Class A ordinary shares for the year ended November 30, 2022, is $826,045, resulting in a basic and diluted net income per share of $0.06[214]. Initial Public Offering (IPO) - The company raised gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at a price of $10.00 per Unit on January 20, 2022[58]. - The company raised gross proceeds of $100,000,000 from its Initial Public Offering (IPO) on January 20, 2022[175]. - The total costs associated with the IPO amounted to $8,482,742, including $4,025,000 in deferred underwriting fees[176]. - The company generated gross proceeds of $115,000,000 from the Initial Public Offering by selling 11,500,000 Units at a price of $10.00 per Unit[220]. - The company incurred offering costs of $4,532,887 related to the Initial Public Offering, which were charged to additional paid-in capital[215]. Cash and Investments - As of November 30, 2022, the company had investments of $118,051,997 held in Trust Accounts, intended for the initial business combination[60]. - Cash and marketable securities held in the trust account amounted to $118,051,997 as of November 30, 2022[169]. - As of November 30, 2022, the company had cash of $491,293 outside of the Trust Accounts for operational needs[61]. - Total cash at the end of the period was $491,293, reflecting a net change in cash of $491,293 since inception[172]. - The Trust Account held assets amounting to $118,051,997 as of November 30, 2022[204]. Operating Activities and Costs - Cash used in operating activities for the year ended November 30, 2022, was $664,685[59]. - The company has incurred formation and operating costs of $500,952 for the year ended November 30, 2022[57]. - The company expects to incur significant costs in pursuing acquisition plans and will not generate operating revenues until after completing its initial business combination[194]. - The company has a liquidity risk, as it does not currently have adequate liquidity to sustain operations solely focused on pursuing a Business Combination[194]. Business Combination and Future Plans - The company does not expect to generate any operating revenues until after the completion of its initial business combination[56]. - The company plans to continue efforts to consummate a Business Combination during the Combination Period[44]. - The Company will cease operations and redeem Public Shares if a Business Combination is not completed within 12 to 18 months from the Initial Public Offering[188]. - The holders of Founder Shares have agreed to waive their liquidation rights if the Company fails to complete a Business Combination within the Combination Period[189]. Corporate Governance - The company has a strong commitment to corporate governance, with independent directors serving on key committees[97][102][112]. - The independent directors bring diverse experience from various industries, enhancing corporate governance[97][102][112]. - The audit committee is responsible for reviewing the company's financial reporting processes and the performance of independent auditors[119]. - The compensation committee evaluates officer performance and determines compensation levels based on corporate goals[121]. Management and Team - The management team is led by Tek Che Ng, who has extensive experience in property development and engineering services[83]. - Chow Wing Loke, the Chief Financial Officer, has a background in finance and has held significant roles in various companies, including managing finance for an oil & gas venture[92][93]. Share Structure and Rights - As of February 22, 2023, the company had 3,126,068 publicly-held Class A ordinary shares and 2,875,000 Class B ordinary shares issued and outstanding[135]. - The company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, but as of November 30, 2022, no preference shares were issued or outstanding[236]. - The company can issue 479,000,000 Class A ordinary shares with a par value of $0.0001 per share, with 532,500 Class A ordinary shares issued and outstanding as of November 30, 2022, excluding 11,500,000 shares subject to possible redemption[237]. - The company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001 per share, with 2,875,000 Class B ordinary shares issued and outstanding as of November 30, 2022[238]. - Only holders of Class B ordinary shares have the right to vote on the election of directors prior to the Business Combination[239]. Risks and Concerns - There is substantial doubt about the company's ability to continue as a going concern due to liquidity issues and the mandatory liquidation requirement within 12 months[64]. - The company has a going concern matter, indicating substantial doubt about its ability to continue operations without completing a business combination[163]. - The company is subject to risks associated with being an early-stage and emerging growth company[173].
Technology & Telecommunication Acquisition .(TETE) - 2022 Q4 - Annual Report