Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $590,103, with operating costs of $358,997 and interest earned on marketable securities of $949,100[141]. - The company incurred cash used in operating activities of $275,757 for the three months ended March 31, 2024, compared to $129,918 for the same period in 2023[145][146]. - The Company does not expect to generate operating revenues until after the completion of the Business Combination, relying on non-operating income from interest on marketable securities[155]. Financial Position - As of March 31, 2024, the company held marketable securities in the Trust Account amounting to $54,506,397, consisting of money market funds and government bonds[147]. - The company had a working capital deficit of $4,875,044 as of March 31, 2024, with only $9,458 in cash available in the operating account[148]. - The Company has only $9,458 in cash, raising substantial doubt about its ability to sustain operations for at least the next 12 months[154]. - There are no off-balance sheet financing arrangements or long-term liabilities, except for a monthly fee of $10,000 to the Sponsor for administrative support[156][157]. Trust Account and Business Combination - The company generated total gross proceeds of $207,795,642 from its Initial Public Offering and Private Placement, with $202,998,782 placed in the Trust Account[144]. - On August 18, 2023, the company's shareholders approved a Second Extension Proposal, allowing until February 23, 2024, to consummate a business combination, with approximately $81.1 million remaining in the Trust Account after redemptions[134]. - The company plans to use funds in the Trust Account primarily for acquiring a target business and covering related expenses[147]. - The Company is obligated to pay a deferred underwriting commission of $5,999,964 upon consummation of the initial Business Combination[158]. - The company has until November 23, 2024, to consummate its initial business combination following the approval of the Third Extension Proposal[136]. Debt and Financing - The company issued an unsecured promissory note on September 13, 2023, for up to $400,000 to the Sponsor, which may be drawn down prior to the maturity date[151]. - The Company issued an unsecured promissory note (the "Seamless Note") for up to $500,000, with $241,706 outstanding as of March 31, 2024[152]. - As of March 31, 2024, $320,000 was deposited into the Trust Account, totaling $560,000 by May 20, 2024, to support the Business Combination[153]. Compliance and Regulatory Matters - The company received a notification from NYSE on January 19, 2024, regarding non-compliance with the minimum public shareholders requirement, and submitted a business plan to return to compliance[138]. - Management believes that recent accounting standards will not materially affect the financial statements[160]. - The Company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[162].
InFinT Acquisition (IFIN) - 2024 Q1 - Quarterly Report