IPO and Fundraising - The Company completed its IPO on October 25, 2024, raising gross proceeds of $75,000,000 from the sale of 7,500,000 units at $10.00 per unit[90]. - A total of $75,187,500 from the IPO and private placement was deposited in a trust account for the benefit of public shareholders[102]. - The Company incurred $3,060,711 in transaction costs related to the IPO, including $1,125,000 in underwriting fees and $1,500,000 in deferred underwriting fees[102]. - On November 19, 2024, the underwriters exercised an over-allotment option, purchasing 1,000,000 additional units for gross proceeds of $10,000,000[94]. - The underwriters received a cash underwriting discount of $0.15 per public unit, totaling $1,125,000, and will receive a deferred fee of $0.20 per unit upon the consummation of a business combination[111]. Financial Performance - For the three months ended September 30, 2024, the Company reported a net loss of $315,671, primarily due to formation and operating costs of $130,326 and stock-based compensation of $185,345[99]. - As of September 30, 2024, the Company had a working capital deficit of $320,932, with $576,299 in cash held outside the trust account[104]. - The Company has not generated any revenue since its inception on March 22, 2024, and does not expect to do so until after completing a business combination[98]. Use of Funds - The Company intends to use funds held outside the trust account primarily for identifying and evaluating target businesses and conducting due diligence[105]. Financing Arrangements - The Company has no off-balance sheet financing arrangements as of September 30, 2024[108].
Charlton Aria Acquisition Corp-A(CHAR) - 2024 Q3 - Quarterly Report