Overview

The company is a blank check company formed in March 2021 to merge with or acquire another company. As of March 2024, the company has no revenue or operations other than searching for a target business to combine with.

In August 2021, the company raised $58 million through an initial public offering (IPO) by selling shares and warrants to investors. This money was placed in a trust account to use for a future acquisition.

The company has until May 2024 to complete an acquisition or face liquidation. The company may extend this deadline by several months by making payments to the trust account.

Financial Performance

For the first quarter of 2024 ending March 31st, the company had:

• Net loss of $40,066
• General and administrative expenses
• Dividend and interest income

This compares to first quarter 2023 ending March 31st:

• Net income of $23,978
• General and administrative expenses
• Dividend and interest income

Liquidity

As of March 31, 2024 the company had:

• $12,929 in cash
• $18 million in marketable securities held in the trust account
• Working capital deficit of $2.7 million

The company believes it has sufficient cash to operate until an acquisition is completed. If needed, the company may get additional funding from company management or loans.

Trust Account Extension Payments

Payment Date	Amount	Purpose
August 2022	$575,000	Extend deadline to November 2022
November 2022 & monthly through August 2023	$75,030	Extend deadline in 1-month increments to August 2023
August 2023 to April 2024	$69,763	Extend deadline in 3-month increments to May 2024

Expenses

The company pays its sponsor a $10,000 monthly fee for administrative services. This will continue until completion of an acquisition.

Critical Accounting Policies

Key estimates and judgements that affect financial reporting include:

• Accounting for warrants as equity instruments
• Valuation of ordinary shares subject to redemption
• Calculation of net income (loss) per share

Outlook

The company is continuing to search for a target business to acquire. If an acquisition is not completed by the May 2024 deadline, the company will face liquidation. To provide more time for dealmaking, the company can make additional trust account extension payments.

The ability to successfully complete an acquisition transaction is central to the company’s prospects. Risks include market conditions, competition, and the ability to accurately value target companies.