Spark I Acquisition (SPKL) - 2023 Q3 - Quarterly Report

Financial Performance - The company reported a net loss of $448,131 for the three months ended September 30, 2023, compared to a net loss of$277,169 for the same period in 2022, reflecting an increase of 62% in losses year-over-year [103]. - For the nine months ended September 30, 2023, the company had a net loss of $1,244,541, up from$892,158 in the same period in 2022, indicating a year-over-year increase of 39% [103]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Business Combination [102]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on October 11, 2023, raising gross proceeds of $100,000,000 from the sale of 10,000,000 Units at$10.00 per Unit [106]. - In conjunction with the IPO, the company sold 8,490,535 Private Placement Warrants at $1.00 each, generating additional gross proceeds of$8,490,535 [106]. - A total of $100,500,000 was placed in the Trust Account following the IPO and private placements, with an offering cost of$6,590,678 incurred [107]. - The underwriters are entitled to a deferred underwriting commission of 3.5% per unit, totaling $3,500,000, contingent upon the completion of the initial Business Combination [117]. Use of Funds - The company plans to use substantially all funds in the Trust Account to complete its initial Business Combination, with remaining proceeds allocated for working capital and growth strategies [108]. Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023, and incurs a monthly fee of$69,167 to its management team [116][113]. - The company may need to raise additional capital to finance transaction costs or working capital deficits, which could impact its ability to continue as a going concern [112].