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ESH Acquisition (ESHA) - 2024 Q2 - Quarterly Report
ESHAESH Acquisition (ESHA)2024-08-13 20:45

Financial Performance - For the three months ended June 30, 2024, the company reported a net income of 1,020,047,drivenbyinterestincomeof1,020,047, driven by interest income of 1,570,573 from investments held in the Trust Account[87]. - For the six months ended June 30, 2024, the company had a net income of 2,159,148,withinterestincomeof2,159,148, with interest income of 3,135,890 from the Trust Account[89]. IPO and Proceeds - The company generated gross proceeds of 115,000,000fromtheIPOof11,500,000Unitsat115,000,000 from the IPO of 11,500,000 Units at 10.00 per Unit, including the full exercise of the over-allotment option[90]. - The company incurred 5,368,092inIPO−relatedcosts,whichincludedacashunderwritingdiscountof5,368,092 in IPO-related costs, which included a cash underwriting discount of 2,300,000[90]. - The company has entered into a Marketing Agreement to pay underwriters 3.5% of the gross proceeds of the IPO, amounting to 4.03million,contingentuponcompletingtheInitialBusinessCombination[99].TrustAccountandCashPosition−AsofJune30,2024,thecompanyhadinvestmentsintheTrustAccounttotaling4.03 million, contingent upon completing the Initial Business Combination[99]. Trust Account and Cash Position - As of June 30, 2024, the company had investments in the Trust Account totaling 122,205,256, which includes 5,480,256ofinterestincome[91].−AsofJune30,2024,thecompanyhadcashof5,480,256 of interest income[91]. - As of June 30, 2024, the company had cash of 1,627,992 available for identifying and evaluating target businesses[92]. - The company plans to use substantially all funds in the Trust Account to complete the Initial Business Combination and for working capital of the target business[91]. Going Concern and Debt - The company has determined that if the Initial Business Combination does not occur by December 16, 2024, it may face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[95]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[96]. Internal Controls and Risk Factors - The evaluation of disclosure controls and procedures as of June 30, 2024, concluded they were effective at a reasonable assurance level[103]. - No changes in internal control over financial reporting occurred during the fiscal quarter of 2024 that materially affected internal controls[104]. - There have been no material changes to the risk factors disclosed in the Annual Report on Form 10-K filed with the SEC[106].