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Distoken Acquisition (DIST) - 2024 Q2 - Quarterly Report
DISTDistoken Acquisition (DIST)2024-08-16 20:15

Financial Performance - The company reported a net loss of 127,932forthethreemonthsendedJune30,2024,withoperatingcostsof127,932 for the three months ended June 30, 2024, with operating costs of 687,000 and interest income of 548,222[138].−ForthesixmonthsendedJune30,2024,thecompanyhadanetlossof548,222[138]. - For the six months ended June 30, 2024, the company had a net loss of 95,393, with operating costs of 1,184,691andinterestincomeof1,184,691 and interest income of 1,089,298[139]. - The company has not generated any revenues to date and does not expect to do so until after the completion of its Business Combination[138]. Initial Public Offering - The company completed its initial public offering on February 17, 2023, raising gross proceeds of 69,000,000from6,900,000unitssoldat69,000,000 from 6,900,000 units sold at 10.00 per unit[141]. - The company incurred transaction costs of 4,366,343relatedtoitsinitialpublicoffering[141].BusinessCombinationandExtensions−ThecompanyhastherighttoextendthedeadlineforconsummatingaBusinessCombinationuptotwelvetimesuntilNovember18,2024[131].−ThecompanymayextendthetimetoconsummateabusinesscombinationfromAugust18,2024,toSeptember18,2024,bydepositinga4,366,343 related to its initial public offering[141]. Business Combination and Extensions - The company has the right to extend the deadline for consummating a Business Combination up to twelve times until November 18, 2024[131]. - The company may extend the time to consummate a business combination from August 18, 2024, to September 18, 2024, by depositing a 30,000 monthly extension payment[150]. - The company anticipates significant costs in pursuing its acquisition plans and cannot assure the success of its Business Combination[128]. Financial Obligations and Borrowings - The company issued an Extension Note for up to 360,000tothesponsor,withmonthlypaymentsof360,000 to the sponsor, with monthly payments of 30,000 until the completion of the initial Business Combination[144]. - As of June 30, 2024, the company had 240,000outstandingborrowingsundertheExtensionNote[144].−AsofJune30,2024,totalborrowingsundertheunsecuredpromissorynoteamountedto240,000 outstanding borrowings under the Extension Note[144]. - As of June 30, 2024, total borrowings under the unsecured promissory note amounted to 345,688 out of a principal amount of up to 1,000,000[145].TrustAccountandInvestments−InvestmentsheldintheTrustAccounttotaled1,000,000[145]. Trust Account and Investments - Investments held in the Trust Account totaled 42,710,277, including 2,877,019ofinterestincome,primarilyinU.S.governmentsecurities[146].−CashheldoutsidetheTrustAccountwas2,877,019 of interest income, primarily in U.S. government securities[146]. - Cash held outside the Trust Account was 12,319, intended for identifying and evaluating target businesses and conducting due diligence[147]. - The fair value of investments held in the Trust Account increased from 41,440,980asofDecember31,2023,to41,440,980 as of December 31, 2023, to 42,710,277 as of June 30, 2024[158]. Other Financial Information - The fair value of public rights at issuance amounted to 3,305,100[160].−Thefairvalueofpublicwarrantsatissuancewas3,305,100[160]. - The fair value of public warrants at issuance was 1,104,000, while representative warrants had a fair value of 12,075[161].−Thecompanyhasnolong−termdebtoroff−balancesheetarrangementsasofJune30,2024[152].−Thecompanyhasincurredamonthlyfeeof12,075[161]. - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2024[152]. - The company has incurred a monthly fee of 10,000 for office space and administrative services since February 15, 2023[154].