Financial Performance - For the three months ended June 30, 2024, the Company reported a net income of 233,436,downfrom238,896 in the same period of 2023 [154]. - For the six months ended June 30, 2024, the Company had a net income of 191,856,comparedto310,274 for the same period in 2023 [155]. - The Company reported a working capital deficit of 3,894,187andcashof68,525 outside the Trust Account as of June 30, 2024 [160]. IPO and Fundraising - The Company generated gross proceeds of 100millionfromtheIPOof10,000,000unitsatanofferingpriceof10.00 per unit [156]. - An additional 15millionwasraisedthroughthefullexerciseoftheunderwriters′over−allotmentoption,resultinginatotalof115 million placed in a trust account [157][158]. - Upon closing a Business Combination, underwriters will receive a cash underwriting discount of 2.0% of the IPO gross proceeds, totaling 2,300,000,plusadeferredfeeof3.54,025,000 [167]. Business Operations and Future Outlook - The Company has not engaged in any operations or generated operating revenues to date, focusing solely on organizational activities and preparing for the IPO [152]. - The Company expects to incur increased expenses due to being a public company and for due diligence related to business combinations [153]. - The Company expects to incur significant professional and transaction costs in pursuit of a Business Combination [161]. - Management has raised substantial doubt about the Company's ability to continue as a going concern if the Business Combination is not completed by the extended deadline [162]. Business Combination and Related Agreements - The Merger Agreement with NaturalShrimp was terminated due to breaches by NaturalShrimp, with a 3millionterminationfeedemandedbytheCompany[150][151].−TheCompanyextendedthedeadlineforcompletingaBusinessCombinationtoAugust22,2024,withoutadditionaldepositstotheTrustAccount[160].−IfaBusinessCombinationisnotcompletedbyAugust22,2024,theCompanywillfacemandatoryliquidationanddissolution[162].−TheCompanyenteredintoNon−RedemptionAgreements,transferring299,340sharesvaluedatapproximately446,735 to third parties in exchange for not redeeming shares [165]. - The Company may need additional financing to complete its Business Combination or to redeem public shares [161]. Financial Position and Trust Account - As of June 30, 2024, the Company had outstanding promissory notes and convertible notes totaling 2,177,000[149].−TheCompanyissuedatotalof575,000 in unsecured promissory notes to extend the time for completing an initial business combination [137]. - A total of 7,414,905 shares were tendered for redemption, resulting in approximately 76,322,364withdrawnfromtheTrustaccount[139].−AsofJune30,2024,theTrustAccountheldmarketablesecuritiesamountingto8,127,916, which may be used for tax payments and business acquisitions [159]. - The Company has no off-balance sheet arrangements as of June 30, 2024 [164].
