Spark I Acquisition Corporation(SPKLU) - 2023 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2023, the company reported a net loss of $448,131, compared to a net loss of$277,169 for the same period in 2022, reflecting an increase of 62% in losses year-over-year [89]. - 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 39.5% [89]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its Business Combination [88]. 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 [91]. - 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 [91]. - After the IPO and private placements, a total of $100,500,000 was placed in the Trust Account, with offering costs amounting to$6,590,678 [92]. Use of Funds - The company intends 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 [93]. - The company may need to raise additional capital to finance transaction costs or working capital deficits related to its initial Business Combination [97]. Debt and Obligations - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2023, and has a monthly obligation of $69,167 to its management team [100][98]. Acquisition and Compliance Costs - The company incurred significant costs related to its acquisition plans and public company compliance, with no assurance of successful completion of its Business Combination [87].